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. No. 28,8i9 l| 

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(PUBLISHED IN LONDON AND FRANKFURT 


Thursday My 8 1982 


***30p 


for building products; heat exchange, 
fluid power, special-purpose valves, • 
genersi engineering, refined and 
wrooght metals. 

Ifwft ptc , Birminghatn, England 


BM: .GERBAANX DM 24); . ITALY LtAM; NETHERLANDS . n 2.2B: NORWAY KrSAO; PORTUGAL EscSO; SPAIN PtaSS^ SWEDEN Xrfi.OO: SWITZERLAND FrZO; EIRE EOp; MiU.TA 20a 



BENERAL 


BitSINESS 


nng 

smash^ 


Police halve smashed a huge 
foFgecy ring and netted connteis 
jfelt £^. notes with a face vaine 
[of more ilian £5m. 
r A goId-'colou^'RolIs<RoyceT 
stopp^ in south. London, con- 
tained £500,000 in forged notes 
and a further SSin in forgeries 
was sei^ from a van neax^. 
'uA man is' helping police wi& 
Snquiries. ■ . . 

f DetectiTes warned that 
ialthoogh vast quantities ” of 
'notes have heen found, some are 
stin dieulating. They 
ttiere had ! bi^n- a' -sudden 
increase recently in forged' 
notes being passed in places as 
!for apart as .Cardiff and 
Scotland. 

Israel ‘No’ 

Israel i^eeted ti.S, suggestions 
that the ^U)-it^ld-be allowed 
to maintain a office in 

Beirut and a token .milita^ 
.presence is the Lebanon. Back 
Page • . • i • 

Pits warning: . 

Coal Board chairrinaw ifonuan 
Siddall told miners* leadeis.lhat . 
the NCB*5 “tair:6flds&-making . 
pits bad to be enL Ba^ Page-*' 

Hospitals hit 

Anczliary staff at-threeiU'^- 
pool- hospitals wafted out, leav- 
ing no emergency 'cover, vdies 
a shop sb^ard at ifewsham Hos- 
pital, is the cfty.c^ivas dismissed. 
NHS pay dispute^ Page 8 . 


Pilot r . 

Harrier pilot Fit Lt Jeffrey 
Glover, ehot down over the 
Falklands ami A'igentina's .qinly 
prisoner of . wv. was released 
from 
Wations.' 

Duty-fl^^|irAa 

An EEC plan' to abdli^ doty-, 
free sales to traveUem between 
'member countries would mean a - 
rise la air -faies, said 
Norman Payne, cbainnan of the. 
Britirii Airports Authority. 
Page 6 

Assemblies plan 

Directly 'riu^.'assembUeB for 
Scotland and Wdes aikl .10 or 
U regional. assembU^ ^ Jn 
England are proposed in'inSDP 
green paper. Page 7 . 

Fight bainh. soug:ht 

British Mescal Association 
is to cmnpaJgn for the.abcdition 
of boring ow^;,to the risk -of 
death, e^ and brain idamage. 

Fuel stretched 

Talbot Motors ' apprentices' set 
a British. recdM -when fbeir 
machine in the:Shell and Motor 
magazine ' Mile^e Marathon 
clodLed 1,926 pipg. ....... 

Poland claim 

Poland attacked' Western, coun- 
tries for . applying economic 
eanctioas, sayii^4bey bad made 
jt impos^le to repay debts on 
time. Debt talks' Page 2 . 

Race halted 

The fiflh stage of the Tour dM 
France was called off after be- 
ing interrupted hy.demonstrat- 
ong steel workers in northern 
France. 


Protest in China 

China aUowed an anti-nuclear 
protest march in Peking. It gave 
s 4 >proval for 21 foreign teachers 
to march to the U.S, and Soviet 
emte^ies. 

Briefly.:.^ 

The new Chief of Air Staff, 
from October : 15, 'Will be Air 
Chief Maishal Sir Keith Wil- 
liamson^ Pa^ <6. 

Singapore Premier * Lee Knan 
yew starts, a four-day visit to 
Britain on Monday. ' 


-lionddiit fidlovihg .- steriipg’s 
deciiBe' egaiost the. .de^bo'. 

E^e24 ,; ; '■".j..'-'. 

C>Wi> fieli' to iif 

London. . In . New yorfc the 
Gomez July rioee w% 6311.3 
($3894). P^e^ . 

S WJIX STREET was up X61 
.at 800.51 before the . dwe; 
Page 34* . Figures proposal 
halted, Pa^-4 

' • BREW of West Germany-raised 
the prices of . right-hand-drive 
cars, ezicept for the'UK, a bh)*w 
to Britons wbo wadt to- save 
money • by- buying - cars ini 
Europe; BMk Page 

• more contraction of. theste^ 
industry is called for in a stmiy 
which proposes cutting :Capac£W 
in the bri^t bar sector from 
875,000 to 400,000 tonnes a year.- 
Back Page 

• THE LIQUIDATOR ' of 
BeddOTwick Stirling Gninffiar is 
seeking- £400,000 from the . 22^ 
members of the collapsed stodc-!' 
broking dim to meet outstand- 
ing debts. Page 6 

• FH IXOYD, the Wedned>uiy 

engineerii^ group, paid former, 
chief executive Frank Clymer , 
£87,000 -compmisation -for loss 
of office. . I 

• P)Q«aON- funds ' were 
attadeed-'for complacency, poor 
performance and lack of. 
accountability by Labour Trea- 
sury . spokesman, Jack Straw., 
Page 8." • 

• iBDB European CommisaioB 
.proposed a cut in the amount 
of butter New Zealand is 
allowed to sell the EEG, £rom' 
92,000' tones to 89,000 nesfi^ar. 
PhiSe 24 

• BlUTiUN*S oldest pi^et .line, 
at Western Ship^airm,. 
Birkenhead, vras called' off after 

. four yea^. Page 8 . 

.•.TOSHIBA CORPORAnON,' 
Japan’s -biggest electric and. 
-electronic equipment ' maker, 
saw consolidated net profits for 
the vear ended March, slip 11.6 
per cent to Y44.31bn (£99.69m).. 
Page 27 

• FERBANXl electronics group 
boosted profits by . 31 per cent 
to £2S.8m before tax in 1981^, 

. and forecast further growth this, 
year. Page 22; Lex» B^ Page 


CHIEF PRICE GHAN6ES YESTERDAY 

KPliccs til 'pence unless oiterwise Indicated) - ■ 

(Prices in' pence unless otheiv \ TSL Thermal Synd. 80 ' + >7} 
wise indicated)' . UDS ' 69 + 4. - 


. .JOSES - 

Ashley Inds. 381 

Avana' 812 

Beechazn 270 

Black (P.) ... 335, 

Buhner (H; P.) .., 434 

Bunzl Pulp 172 

Eagle Star 362. 

Ferranti -805 

Hambrolife 385 
'Heelamat - 66 
McCarthy 6c- Stone 195 
Mills and Allen ... 483 

Minet .... .151 

Plossey 490 

Racal Elect. 455.. 

3LH.M S3- 

■ Tale arfd Lyle‘.-.i. 170 


.FALLS 

.. 'SboriKir. *99...£d4} r* i • 

Audiotrooic Is 2i. 

British . Sugar '465 — 10 

Broken HIU Prop. ...-394 - 12 

- Granada “A” 178 - U 

Howard Tenens 52 — 3 

• Quest Automation... 33 — 7 
Hioni .EHl ........ 400 *" 10 

Vin'ers • i “ li 

Waddington 96-6 


BP -...i.. .: 

2661- 

4 

gra: ; 

•154 - 

8- 

Doornfontein- : 

526 - 

24 

Durban Deep' ...... 

•541 - 

52 

Geevor Tin....*...... 

65 - 

5 

Grootvlei * 

248'“ 

27 

IVestern Miifing ... 

152 — 

15 



to 


add 1.2; 

Cocoa 

nd^£8 

• EQtHTlES- rallied late, with 
.tbe.PT 30-Shme index -up L2 
.at 555A after being nearly 3 
down .at noon.. Pa^ 35 . 

.• GILTS were quiet, with longs 
- losing- -The Govenmeat 
Securiti es indn eased thl to 
69.85. Page 35 

• DOI£AR' was strong. It rose 
to FFT 6JK9 (FFr 6A055), a 
record. B« 2.51S5 (DH 2A9), 
SwFr 2JL49 (SwFr- 2.121) and 
Y259A5 (Y257.7). Its Bank- of 
England index was 122.7, up 
frmn 12L6. Page 36 

• STERUNG fen L4c to- a 
,5j-year low of. $L7985, but was 
otherwise higher at .DH 4.295 
(DH 4A875), SwFr 3J»725 
(SwFr 3.655) and FFr 11.925 
(FFr.lL89)..lCs tradeweighted 
index eased a point to 91X 
Page 36 

• COCOA ' September driiv^ 
price rose £8 to £942A in 


COCOA 

London 

sndFbsIBon 

nitures 


c ministers urged Italy to 

honour 

•eeze pricing pipeline 

and production ceiling contract 


Sterling interest 
rates ease 
despite $ surge 


BY MAX WILKINSON, ECONOMICS CORRESPONDENT 


BY RICHARD JOHNS IN VIENNA 


MINISTERS of the Oiganisation 
of'-Feitroleum E xp or ti ng Coun- 
tries 'Will be urged tomeurow 
to freeze their production ceU- 
ing and reference price of $34 
a barrel. 

The organisation’s influential 
monitoring - committee .is - to 
recommend that the IS member 
countries should not allow their 
omibined production to rise 
above . the prasent ceiling.' of 
17.5m barrels a day. 

Most committee members 
believe that this production 
ceili^ shonld be maintained 
-for at least the next three 
• months to. prevent any < fresh 
market pressures on the refer- 
ence price: ' - 

The recommendation will be 
put to ininistexs attending an 
emergency Opee meetiiig in 
Vienna. But there is every sign 
that Opec unity win be strained. 

For a - start, the . monitoring 
committee . could . not wholly 
agree on . the correct level of 
Opec production needed to keep 
worldwide oil suppfy - and 
demand in balance. Lidonesia 
and Veneeuela believe tiiat pro- 
duction limits could be eased 
to 18m-19m b/d over the July- 
September quarter. 

The two countries argue tiiat 


BR likely 
to continue 
services 
for a week 

• l^ lkwid Goodbart^LriMHir staff . 
SIOiTTSH -RAIL is expected^ to 
atmodsce today that the rail het^ 
yfaek. 'win he kept . open lev at ' 
least one more week. The de'ei- • 
•sicn is -expected at meeting of 
the BR executive -to consider 
the impact of the drivers’ strike. 

Me Clifford Rose. BR's indus- 
trial -^relations director, said 
yesterday; *' We will ahxv^ cer- 
tainly run n service next week 
following the reasonably pos> 
tive response we have had from 
drivers conung into woric.” 

But 'yester^’s BR estimate 
of 800 drivers reporting for 
work— rvougfaly the same num- 
ber as Tuesday— will be a dis- 
appointment to tbe BR board. 
The number of passenger trails 
running, however, increased 
from about 1,400 to 1,520 with 
freight services increasing from 
113' to 150. 

Mr Rose said that by keying 
Ihe network open BR would 
hope t-o maintain lyra sure on 
members of the train drivers’ 
union Aslef to defy the strike 
pv'er flexible rostering. About 


ISBThaaW 


on Price 

SAIRUMUBUN A* 
lUSHTSPOT £|d 


I J F M A M J J I 

the worldwide rundown of sur- 
plus oil stocks is likriy to con- 
tinue at a slower pace than is 
expected by other, members: 
Consequent^ they want Opee's 
production ceiling, fixed at 
17 Am b/d in . March,, to be. 
increased gradually, on a 
monthly basis. 

Tension within the. organisa- 
tion has already risen because 
three members— Iran, Libya 
and mgeria-^ast month sub- 
stantially exceeded their quotas. 

Dr Maha-Ofaibk,-the United*: 
Arab Emirates-oil minister and- 
rhan rnan of the ' monitorisg 


committee,, said.xesterday that 
he thought Opee’s total produc- 
tion was now " a. little bit above 
18m b/d." He has backed 
. a committee recommendation 
that production quotas ^ould 
be observed on a monthly 
rather than a quarterly basis. 

Another contentious issue 
will be posed by Saudi Arabia's 
proposal that tbe premium 
charge for hi gh quality African 
crudes should be increased from 
$1.50 to S3 a barrel above the 
$34 reference price. 

The &udls are worried that 
the recovery of demand for high 
quality oil from Nigeria and 
Libya could have a long-term 
effect on tbe call for their own, 
less valuable' crudes. 

Some of the heat may be re- 
moved from the ministerial 
meeting tomoraow by the likely 
absence of Sheikh Ahmed Zaki 
Yamani, the Saudi' oil minister, 
and the probable absence of an 
Iranian delegation. 

There is understood to be no 
'political rignifieance in Sbeikta 
Yamani’s decision to remain in 
tile kingdom for- the duration 
of the Bainadan fast in sifite of 
Confluned on Back Page 

Experts views on oil price. 
Page 2 






Hr Tony Besu and Hr Leslie Hnckfield (Nuneaton) were 
among 15 SD^ who jitined the Aslef picket line at King's Cross 
station, London, to show their solidarity with tiie strikiag 
drivers. 


65 per cent of working drivers 
are believ^ to be Arief men — 
the rest are italvers belonging 
to the National Union of 
.RaHwaymen wbo are also defy- 
ing a union. ceJl to badk the 
Aslef action. 

It is costing BR about £8.5m 
a day to run a skeleton service 


wtucii yesterday amounted lo 
almost ID per 'cent of the 16,000 
trrins that would usuidlv run. 
Continued on Back Page 
Aslef strike stays solid In 
Wales, Ikge 8 

Civil Service pay report and 
NUM conference. Back Page 


Record tax revenue shortfall in Japan 


BY RICHAM> C. HANSON IN TOKYO 


JAPAN'S Finance Ministry 
yesterday confiimed one of 'Iho 
worst fears - of the country’s 
economic planners by announc- 
ing a record Y3,384bn (£7.4^n) 
shortfall in tax revenues for the 
1981-82 fiscal year, which ei^ed 
on Mar^ 1— a 10.3 per cent 
decline from budget targets. 

Chiefly the result of a riow^ 
down in red growth rates 
during the year, the sbortfall 
raises tbe tiossibnity of an-even 
worse performance this year— a 
single projection dhows the gap 
between current taints, .and 
receipts oxpandi^ to Y3.700bn 
baxzing a sharp upturn in the 
economy. 

At present, the Govenunent 
is 'wrestiiDg witii how and when 
to revise -domiward. a very 
optimistic projection of .5.2 per 
rent real gruK national product 
growtii for this year to an 
expected 3 per cent -or less. 

Last- year, Japan’s initial 


growth forecast was 5.3 per cent 
which almost halved to 2.7 i»r 
cent as -tiie economy fell 'victim 
to a ekwdown in exports and 
high U.S. -interest -.rates. 

Ironically, one factor coutri- 
butiug to a' decline in revenues 
stemmed from the Govern- 
ment’s success in holding down 
wholesale price rises to L4 per 
cent on the year. This meant 
that corporate tax revenues, 
which are sensitive to price 
movements, were about 15 per 
cent below target 

Because of a declared policy 
to keep a tight grip on fiRcal 
planning, the - Government 
faces what has become a 
chronic dilenuna in trying to 
make up the shortfall. It is 
most likely in the main to- 
resozt to its National Debt Con- > 
solidation Fund, which is 
expected to absorb about 
Y2,300bn. But this is a tem- 
porary cure and the money 
will have to be repaid within 

i— . CONTENTS -I— I 


loqui^ into Civil Service Pay: subtle 
steps in the minefield 20 

EconMoic ^\^ewp(«nt: . framework for , 
stimulus 21 

Business Law: whose -law is it any- 
way? 10- 

Techmfiogy: .the natural talking 

robot 17 


the next fiscal year, ending on 
March 31 1984. 

Attwnpts to cut down further 
on spemting in next year's 
budget wall probably continue, 
but there 'is already pressure 
for a boost in pubUc works 
^lending in a special supple- 
meotaxy budget — ^pobaps later 
this year— in order to sUimulate 
the domestic economy. 

. A combination . of pump- 
primhig measures and -tax short- 
falls, it seems, will only increase 
the naiiond. debt. TTie money 
wiU have to be raised tiirou^ 
additional goveabmeot bond 
issues which oestber the atbori- 
.ties nor tbe bond maricet would 
be happy to haoidle. 

T3ie Finagace Miiuistry has 
already run into resistance to 
plans to float bonds this mootih. 
Underwriiteis are pres&ng for 
lusher yields on government 
bonds to bring them into line 
with prices on the secondary 
markets. 


Management: difScult task for the 

ASA 18 

.Jobs Column: bu^n g power of 

managers * -’SO 

Editorial comment: Israel and Lebanon; 

Civil Service pay 20 

Lombard: Palatine — an idea which will 

not die ; 21 

Snrvey: Vans and lig^t tru^ ... 11-16 


Anwrlean Nw*i ... 4 

AppeiotanMtB.^,,. . S 

Appta, Adirls. ... 30-33- 

Arts -19 

.BlM Ratss 2B 

CommeditiM 24 

CempBilM UK. 2A S 
‘CrDSSWont 19 

Entertain. Guiqa ... . 19 
European News ... Z 

Etirepean Optfene 3S 

Eufernarkett • -1.'..,. SS 


cT xieiuriaB 

Fereign Exehenoes 
Qo(d IMerkets ...» 
Ind. Compenies ... 

Jobs Column 

Leader Page 

Letters 

Lex 

Lomberd 

London Options. 
Management ...... 

Han a Matters — 
Mining 


Ovsmeas Newt ... 2,3 

Parliament s 

Radng 10 

Share Information 38, 39 
Stock Markets: 

London 35 

Wall Street 34 

Beuises 34 

Technolegy' 17 

TV and Radio 10 

UK News: 

General - A 7 

Labour 3 


Unit Trusts: 

AuBierisad 36 

Others 37 

weathsr 40 

World Trade Nows 4 

INTERIM -STATSAENT 
Gianade Groigt ... 23 

ANNUAL STATEMB4TS 
Bps industries ... 22 

Boctn Invast. Tst. 23 

Pauta snd Whites 22 


By James Buxton in Rome 
THE ITALIAN- GOVERNMENT 
is 10 allow the state-owned 
engineering company Nuovo 
Pignone to supply Sas turbines 
-for. the. Soviet Union's Siberian 
gas pipeline project despite the 
U.S. Adminislration's attempt 
to block ' shipments to the 
Soviet Union of equipment 
made under licence from U.S. 
companies. 

Like companies in Britain. 
West Germ.iny and France 
which have also 'won contracts 
for the pipeline, Nuovo 
Pignone is -producing the tur- 
bines using technology from 
General Electric of the U.S.. a 
joint news conference yester- 
day ivith Mrs Margaret 
Thatcher, ivho is visiting Rome 
Sig Giovanni Spadolini, the 
Italian Prime Minister, said 
Italy would honour its previous 
commitments. 

•The move is the latest sign 
of mounting European resis- 
tance to lhe U.S. bid to block 
the contracts announced by 
Washington last month, six 
months after American com- 
panies were barred from supply- 
ing items direct to ibe Soviet 
Union for the pipeline. Last 
week- Britain invoked the Pro- 
tection of Trading Interests Act, 
specifyiDS that the U.S. controls 
were damaging . to the trading 
interests of the UK. 

Sig SpadoUni's statement fol- 
lowed some of the strongest 
remarks so far by Mrs Thatcher 
about the U.S. action. 

“These contracts were made 
and completed in good faith. If 
a country wants to keep its 
trading reputation it must keep 
its contracts," she said here. 
Companies 'that made contracts 
with and took out licences from 
U.S. companies could no longer 
be sure tiiat they would not be 
revoked. 

The action wsuld damage the 
U.S. and Ehirope, she said. It 
reflected tbe fact that, unlike 
EEC. leaders, U.S. and European 
leaders did not meet often 
enough. 

The Italian company’s £400m 
contract for the supply of 
turbines and compressors for 
pumiplng stations on the pipe- 
line was signed last autumn. 

The Italian Government’s 
decision suggests Nuovo . Pig-, 
none will deliver to tite Soviet 
Union both the turbines it has 
completed using parts supplied 
General Electric before the 
original UE. embargo on sbip- 
mente folloMing the imposition 
of martial law in Poland. It 
remains uncertain what it will 
do about the turbines for which 
parts are not available from the 
U.S. 

Changed role for Peter Rees, 
Page 4 


THE DOLLAR surged against 
Continental currencies yestcr- 
. day but in spite of this sterling 
remained steady overall and liK 
interest rates drifted lower. 

Although tbe gap between 
interest rates in the U.S. and 
the UK continued to widen, the 
Bank of England .vesterday gave 
further cautious encouragement 
to market expectations of a cut 
in the clearing banks' base 
lending rates. 

-The authorities- appear cun- 
tent to allow sterling to fall 
against the dollar as long as a 
similar policy is followed by the 
other major European countnes. 
Dealers reported some Bank of 
England inten'ention in lilie 
foreign cxcha-nge markets 
yesterday but this was said to 
be on a small scale. 

Although sterling fell 1.4 
cents yesterday against the 
dollar to a London riosing rate 
of $1.7085, its lowest for more 
than five years, the pound rose 
agnin.st Cnniincniial currenccis, 
reaching a three-month peak in 
London against the D-Mark at 
DM 4.2950 ocmparrd with Tues- 
day's dose of DM 4.2875. It 
also readied its highest pmne 
against the French franc since 
October. 1972, closing in London 
at FFr 1 1.9250, up from 
FFr 11.8925 a<t Tuesday's close. 

Sterling's Bapk of England 
trade-weighted index against a 
basket of currenries was 01 . 1 — 
0.1 pomts lower than on Tues- 
day. 

The combination of weakness 
against the dollar and strength 
against the Continental curren- 
cies is worrying to the British 
I authorities because it will raise 
I the cost of raw-material im- 
ports. which tend to be priced 
in dollars, and rut themmpeti- 
tiveness of exports to Viropc. 
In the longer terms, commodity 
prices may adjust downwards 
as a result of a high doUar, but 
this effect isrnncertaln. 

This squeeze on industry's 
costs and prices, combined with 
a' period of high real interest 
rates, gives the UR authorities 
a double motive for trying to 
edge interest rates downwards. 

Against this, there is the fear 
that any sharp cut in UK rates 
could precipitate an excessive 
fall in sterling against the 
dollar. This could raise import 
prices and once again set back 
the time-table for reducing 
inflation. 

Y^terday the Bank of 
England lowered the dealing 
rates at which it buys in bills 
from the money market for the 
third successive day. The rate 
for medium-dated bills was cut 
by lU point to 13^ per cent This 
represents a fall of A points in 
the week. 

The three-month interbank 


WHO 


1.85rS/£ 


StBrimg 


1-75 *c^aganist tbe- 

1 . 70 I ij-° ^ 

■ -ItM UMMMI— 

4*3iDM/£- 

^Sterlfflg /1 


ag^nsttiie D-Mark' 


Dollar _ j 

Inrit'iicqtiiMlaRR - 
Avt(BS« F 
^1975 6 1 BO ^ 


Bank of 

Eoglaiid 6aiid|\ 

Jsitalip Bt.p ^ 

' APR MAY JUN J 
1902 


*Ruin at which |ho B.ink nl England 
will buy irnni Iha duceunt heuMt 
bills cl 34-63 days m.itunty. 


rale fell by i point to 12lx per 
rent, alihough three-month 
Eurodollar rates went up by \» 
point to ISin per cent. 

The gap between the clearing 
banks' base rate.s and money 
market rates is now broadly the 
same as it was when the base 
rate was last cut on June 8 to 
121- per cent 

Any further cut is expected 
to be of no more than 1 point 
but so far the Bank of England 
has made no reduction in its 
dealing rate in Band One — ^the 
shorte.<it dated bills. A move- 
ment an\rate for this band is 
the usual signal for a base rate 
reductlnfl. 

The dollar's Bank of England 
trade-weighted index rose to 
122.7 yesterday compared vdth 
121.6 on Tuesday. The dollar 
closed in London at DM 2.5133 
against the D-Mark compared 
with DM 2.4900 on Tuesday. It 
rose to a record level of FFr 
6.9790 against the French franc 
compared with Tuesday's Lon- 
don close of FFr 6.9055. 

Economic Vieirpoiol, Page 21 
Money Markets, Page 26 
Lex, Back Page 

£ in New York 


Spot iSl,714D-71SOiS1.7385-73SO 
1 month 0.42-0,46 pm, 0.4141.44 pm 
3 monthi'1.35-1.40 pmil.S5-l.40 pm 
12 months 4,65-4.76 pm4^804-.90 pm 



MIUON KEYNES 
THIS WEEK? 


“I did.” 



Ron.Brown (General Mana^r) 
; Consolidated Micrographics' 


In Milton Keynes, movingto a bigger^factory is eas 
You can tranter your lease without any fuss;’;Jhat’s one of 
thareasonsConsoiidated Micr-ographics'C^me here. 


For latest Share Index phene 02S46 802S 




LOPME 











'V. 


V 


Financial Times Thursda>’ July S 1982 




EUROPEAN NEWS 


OVERSEAS NEWS 


AEG’s difficulties put coalition in dilenuna 


BY JONATHAN CAIffi IN BONN 




'■■I 


“IT IS tfie privilege of the 
medium-sized company to be 
allowed (W the state) to go 
bust,” a West German entre- 
preneur said bitterly this week; 
‘“The big concerns can bank on 
the umbreUa of a (state) 
guarantee.'* 

The businessman was com- 
menUng on demands for 
government aid from the ailing 
electricals giant AEG-Tele- 
funken, to help prevent it go 
into liquidation. His remarks 
underline that the AEG case 
faces the left-liberal coalition in 
Bonn with a big political 
dilemma, as well as a possible 
financial burden. 

True^- it would be bard for 
any West German Government 
to stand by and watch AEG go 
under, however much it sought 
to Justify its posiUoD by 
‘ defencfi of the market 
emnomy " — bluntly an un- 
willingness to support lame 
ducks. AEG has been a house- 
hold name for generations and 
its goods are part of the daily 
experience of millions o£ West 
Germans. The company’s liqui- 
dation would be a serious blow 
to business confidence in a 
nation prone to economic 
gloom. 

Beyond that, AEG, with its 
annual sales of around J>M ifibn 
(£3.5bn) employs about 123.000 
people, nearly 100,000 of them 
in West Germany. It would be 
tough indeed for the Govern- 
ment and, above all, for the 


Talks fail to agree financial aid 


the west geiulan 

Govemment has sdll not 
decided on aid for the 
fiaanelally stricken AEG- 
TelefunkCD, despite talks here 
yesterday chaired by Chan- 
cellor Helmot Schmidt, writes 
Jonathan Carr. 

■4t issae is understood to be 
an Interim solution under 
which state guarantees woold 
be granted to the electricals 
gronp covert^ up to DM 600m 
<£140m) of export orders. The 
action would hdp lessen 
AEG's immediate liquidity 
problems, give a signal to the 
group’s creditors, and gain 
time for discussions on a 
longerterm solntion. 

However, Bonn is approach- 


ing even this step to bridge 
the inmiediate crisis with 
great caution, in spite of 
growing reports that the 
country’s second biggest elec- 
tricals group could be close 
to collapse. 

The Government has already 

made clear that it is not ready 
to take a stake In AEG, either 
directly or through an exist- 
ing state-controlled concern. 

ft has promis^ to consider 
AEG’s request — made both 
to the federal and regional 
state governments — for 
gvarantees covering new 
credits of more than DM 
IJibn (£349m). But U has also 
stressed ttot its decision most 
await a report on the com- 


pany’s own rescue plu (the 
stMalled AEG ’83) being pre- 
pared by state-owned auditors. 
Ibis report could take several 
weeks yet 


The pressure is clearly In- 
creasing on the Government 
not to stand by and watch the 
collapse of a group which 
employs nearly 100,000 people 
In West Germany alone. 


On the other hand» Bonn is 
neither willing — nor legally 
peiteitted — to provide aid 
unless the restrnetnrlng eoi^ 
eept stands a very good chance 
of sneeess. The AEG blue- 
print has so far received 
strong opposition from the 
work force and the onions, 


Social Democrat (SPD) part of 
it. to see so many jobs (and 
potential voters) lust, store- 
over, AEG has its headquarters 
in Hesse where a crucial state 
parliament election is due in 
September. Could the SFD, In 
particular, make voters in the 
Hesse campaign understand 
why Bono had to stand back 
and let AEG die? 


medium-sized concerns. The 
latter tend to see themselves, 
with some justice, as the back- 
bone of the economy and, more- 
over. many supporters of the 
liberal Free Democrat Party 
iFDP), the junior partner 
the Bonn coalition, are to be 
found there. 


That said, the comments at 
the start are typical of the view 
of state support for big enter- 
prises taken by smaller and 


They complain that nearly 
13,000 small and medium-^ed 
enterprises with more than half 
a fflillion employees have gone 
bust in the last two years alone. 
Why, they ask. should AEG 


receive special treatment? 

There is sympathy for this 
view in. the Government, above 
aU from (}ount Otto Eaad>edorff, 
the FDP Economies idnister. 
In a letter to ecoiumfies 
ministers of Ite Laender (the 
provineial states) well before 
the AEG case reaped so serious 
a stage. Count Lambsdorff laid 
out an impreastve list of reasons 
why state aid Aould not be 
granted in general — and when 
it might he given in paxtieular 
cases. 


He said aid distorted com- 
petition. that it tended to draw 
still more aid after' it although 
thU had not been the original 
intention, that it often repre- 
sented a bonus for' mistoanage- 
ment and hindered necessary 
structural change. 

If aid were to be given, he 
said, then it could be only as 
“ help for self-help ” to enter- 
prises of vriiom there was 
“ well-founded ** hope that they 
would eventually be folly com- 
petitive on their own. A full 
analysis of the enterpriseV 
balance sheet over the past few 
years, and of its own plans to 
regenerate itself, would have to 
precede any state aid. 

De^te widespread sugges- 
tions that AEG's liquidity 
problems are acute and that 
the clock ‘'stands at five minutes 
past tvrelve,” it is clear that 
Bonn, and particularly Count 
Lambsdorff. are talcing these 
principles seriously. 

One extra stimulus to do so 
comes from the fate of tiie 
building concern Beton-und 
Monierbau. It collapsed despite 
prorisLoa in 1978 of a govern 
m»t guarantee, which critics 
said had been over^hastily 
arranged without full knowledge 
of the company's real 
difficulties. 

AEG is a far bigger matter 
It makes for still greater 
political pressure on the 
Government—- but also for still 
more caution. 


Bonn plans lower 


West German business climate 


real expenditure 


continues to deteriorate 


BY OUR BONN CORRESPONDENT 


THE WEST German Govern- 
ment has approved a highly 
restrictive draft federal budget 
for 1983, aimed at holding 
horrouing at well below this 
year’s level. 


The draft agreed by the 
cabinet yesterday foresees ex- 
' pendUure of DM 250.5bn 
(£58.4bn) a rise in nominal 
terms of only 1.9 per cent over 
: 1982. and thus a drop In real 
i terms (after allowing for an in- 
flation rate of around 3 per 
cenO. 

] The Government's net bo^ 
, rowing requirement is given as 
, DM 2S.4bu (£fi.6bn) after a 
' figure of DM 23.9bu (fT.Sbn) 
this year. This cut is aimed at 
reducing pressure on the capital 
, market, helping keep interest 
: rates low, and thus vjneouniging 
! Invcsiraent to create jobs. 

The cabinet approval fol- 
, lowed maraUion' talks between 
i Chancellor Helmut Schmidt’s 
‘ Social Democrats and theiv 
' liberal Free Democrat coalition 
partners, which ended In accord 
last Thursday, 



MUNICH — The business 
climate in the West German 
manofacturing industry deters 
iorated further in May, with 
companies Increasingly pessi- 
mistic about export chances, 
the IFO economic research 
institute said. 

IFO's latest survey shows a 
further weakening of new 
orders and a continuing fall in 
existing order levels, despite 


frequent cuts in output Stocks 
of fii 


Herr Selimidt . . . accord with 
partners 


Above-average rates T of 
budget expenditure increase in 
19SS will be registered by the 
Finance Ministry itself (5.1 per 
cent), development aid (4.4 per 
cent) and defence (4.1 per 
cent). 


Tniriied goods appear to be 
Increasing and few companies 
have been able to raise prices, 
IFO added. 

The climate in the building 
industry remains very poor, 
although companies are slightly 
more confident about future 
prospects. Capacity utilisation 
fell to 53 per cent in May, com- 
pared with 60 per cent in May 
1981, the 'institute said. 

Existing ajxlOr levels > fell 
sharply to an average ;'two 
raonilis in May. against 
raomhs In April and 2.6 months 
in May 1681 . and building com- 
panies also reported falling 
contract prices. 

The usual fall in wholesale 


turnover in May from AprH 
was heavier than average this 
year, with only food and luxury 
goo^ sales maintaining May 
1981 levels. 

Pressure from high stocks 
continued in the wholesale 
sector and companies remain 
sceptical about long-term pros- 
pects. IFO said. 

The business climate in the 
retail sector remained poor in 
May, vnth turnover falling a 
real 3 per cent from May last 
year. (Companies are slightly 
more optimistic about lutizre 
prospects but stocks remain 
high, it added. 

Reuter 

Stewart Fleming In Frankfort 
adds: The pessimism ot the 
latest IFO report was under- 
lined by the pinblicatilon of the 
latest new orders fi^es for 
West German industiy by tiie 
Econonucs Ministry, which 
point to a further detcrientum 
in the 'economic dutioek. '= r * 


Between April and May new 
orders have again declined, by 
2 per cent overall, but with a 
sharp 5 per cent fall in orders 
from abroad, wbidi lhave been 


the strongest support for the 
economy over the past year. 

Comparing April and May 
with Febniaiy and Mardi 
foreign orders are down 8 per 
cent and domestic orders have 
stagnated. New orders are also 
down in CMi^iarison with May 
last year. 

Of particular concern is tiie 
contimang downward trend of 
new orders for investment 
goeds. This comes agali^ the 
backgroond of further rises in 
long-term interest rates in 
recent weeks,. 

Yesterday, as tiie Deutsche 
Miuk slumped by 4 pfennigs 
against the dc^ar to a year’s 
low of DM 2.S160-70 at one 
point, bond prices continued to 
fall, and interest rates on longer 
term govenunent securities hit 
an avenage of 9.50 per cent, 
ehnost a full point shove ihear 
e^ly May level of 8.68 per cent. 

Mn spite' of the wea^ess of 
the Deutsche Mark against the 
dollar, however, the Bundes- 
bank is holding diotl-term 
interest rates steady and supply- 
ing tite numey markets with 
liquidity. 


Olesen blows cool on EEC union as Danes take chair 


BY JOHN WYLES IN STRASBOURG 


THE D.XNISH Government yes- 
terday iH'i>au its .six-momli lerin 
in ihc EEC Presidency wUli a 
ritual promise lo promote solu- 
tions to the Commimity’.s most 
ur;;eiU problems and a cliaruo 
icrisiic ri-joviion of the Euro- 
pean Parlijmem’s views on the 
need lu reform Its institutions. 


In 3 programmed speech to 
I ihc Parli.ament which avoided 


THE COMMISSION is expected to propose shortly the granting 
«r EEC emergency aid for reconstruction projects in the Falk- 
land Islands, writes John Wyles. The British Government has 
asked for financing help for repairs to the Falklands sewerage 
and water systems and to its roads. 

The soms Involved are likely to be small since the EEC 
budget has only £5,40,000 available for such aid this year, llow- 
erer, Uie British are expected to make further applications for 
EEC linaneing from other Commanity facilities to help recon- 
struction on the Falklands. 


even a token bow to ideas 
for strengthening Gonununity 
i-ohoi:ion and solidarity, Mr 
Kjpid Olesen. the Dani.sh 
roreiun .Minister, laid lira \7 
emphusi.t on the need for EEC 
'governments to work for 
eenmiiii:i’ revival over tiie next 

six monihs. 

Generally, they .should seek 
iu stiniulaie their economies 
wherever possible while foi’us- 
in^ in pnriicul.nr on iniproving 
tndusiria] eonipeli(iveni‘.s.s, rais- 
ing invchtmenr and muimain'mg 
etfurs to reduce oil Imporis, 
said Mr Olesen, 


But hi5 dogged concentration 
on immediate economic, poli- 
tical and inrernationai problems 
dismayed many &UEP.S who also 
like to hear pledges to push for- 
ward (he process of European 
lmei'.raiioa. 

Bill if Ihe British are aqno.s- 
tics on this quesiioo, the Danes 
are aliieisis and Mr Olesen did 
nut shrink from revealing his 
.secpiiclsm about calls for re- 
forms of EEC inslituiioDS. 

Speaking the day after the 
Parliament liad vommilied it- 
self to promoting such refornts 


aimed at European union, Mr 
Olesen bluntly stressed the slow 
but steady progress being made 
on (he current basis of inter- 
governmental co-operattOD In 
the EEC. 

‘‘ One can be dissatlriled with 
the remits,'’ he said. But co- 
operarion was being maintained 
and exttyided and ’‘that is no 
mean achievement by the yard- 
stick of historv'." Mr Olsen 
doubted whether institutional 
changes would have produced 
better results and warned “there 
is a risk involved in forcing 


progress for which there may 
not be the political backing.” 
However, much of bis ^eech 
was devoted to internattonal 
problems including relations 
with the U.S. Although there 
were signs that the 'U.S. was 
beginxiing to understand the 
“ harm ” caused by its interest 
rate and foreign exchange rate 
policies, it was perfectly clear 
that there would be no sustained 
economic upturn if current 
anxieties about the dollar and 
the low rate of the yen continue. 




Denmark has had Its own 
problems with the VS. tbu year 
in the shaiN of an apparent 
reluctance in Washington to 
encourage a visit by Mr Anker 
Joergeosen, the Danish Prime 
Minister, during his Govern- 
ment's EEC presidency. 


Washington has not forgiven 
Mr Joergeosen for his outspoken 
critidsm of UB. policy in 
Central America 



Mr Olesen: call fw eewomie 
revival 


Ecevit jailing 
condemned 
bv Thorn 


STR.\SBOURG — M Gaston 
Thorn, the European Commit 
Mon pre>ident, .vcsierday con- 
ilvmncd a 'IMrkish court 
civL'isioD to jail Mr Bulent 
Eccvii, a former Prime Minl- 
sivr. 


Paris plans unite opposition behind Chirac 


BY DAVID HOU5ECO IN PARIS 


M Thom said the sentence 
“ pul in question the process of 
reium lo a pluralistic deoio- 
eracy. of fundamental import- 
.'incc to ihe Commission in its 
relations with Turkey'.’’ 

Mr EcevU was jailed on Tu^ 
day for iwo months and 27 days 
for dcf}‘mg a miliiury decree 
which bans former politicians 
from making public statements. 

Ofiicials at the European 
Cnmniission said U Thorn 
favoured continuins a freeze on 
the Community's aid pro- 
srammc for Turkey, worth 
around £230ai over five years. 
The Commissron had suggested 
That some £43m of tlie Com- 
munity’s 1983 budget should be 
ailocaied os aid to Turkey in 
the hope that liie military 
authorities there would speed 
up (be promised return to 
democracy, officials said. 
Reuter' 


FiMANCIAl. TIMES, atibitghed djUr 
c.-iccpl Sundays anil hPlidays. U.ll 
Siib^'.'.ription <aiQg S365.00 par annum. 
Sc:d;i- 1 Class pestaga pam at New 
Y'-c>' NT., and a: addibonal mailing 
cc.-iTrcr 


NAPOLEON BON.\P.\RTE was 
drawn yesterday into tlic poli- 
tical bailie over the future of 
Paris by an opposition now ela- 
ted at having found in the Gov- 
ernment's plans for the city an 
issue on which to move onto 
tile olTensive against tiie Social- 
ists. 

U Jacques Chirac, Mayor of 
Paris and the main opposition 
leader, took a full page adver- 
tisement in the main Paris news- 
papers yesterday denouacin;: 
the proposals to derelve mucli 
of the existing administration 
of the city to 20 municipalities 
based on the present “ arron(ii.i- 
xemen/x." The advertisement 
was also signed by other elected 


deputies and conncillors for the 
city. 

The opposition has plastered 
the capital with “Save Paris” 
notices>-a slogan that exagger- 
ates the danger — and is distri- 
buting a mass of tracts. 

M Chirac has unearthed for 
his publicity campaign, what 
now turns out to have b^n un- 
fortunate remarks by F^'esident 
Francois Mitterrand in May last 
year during the euphoria of his 
installation as president. lilt- 
ing the Town Hall after the 
main ceremony, he recalled the 
city’s battles against absolute 
power and said; *Tt is not by 
chance that Napoleon Bonaparte 
suppressed Paris's munidpel 


councU.” 

M. MitternLR<L's plan. Is not 
Napoleon’s but tbe opposition is 
succeeding in maJaog It sound 
like that The advertisement 
claims that Parisians, in cross- 
ing the pavement (and hence iu 
moving fttm one new munici- 
pality to soother), would also 
be moving from one old age and 
family assistance regime to an- 
other. 

It would seem that some of the 
legal and technical difficuiUes 
of deceotralismg the adminis- 
tration of the capital have 
brought home increasingly to 
the Government. . M Gaston 
Defferre, the Minister of the 
Interior, seemed on 'Tuesday to 


backtrack on tbe initial prcK 
Itosals to make full municipali- 
ties of tbe 20 arrondissements, 
thus drastically reducing the 
power of tbe Mayor. He said 
they were intend^ only as “a 
basis for discussion” and that 
the “ commune ” of Paris would 
remaio. 

'3%e original plan was widely 
seen as an attempt to undennine 
M Dirac's political base. He 
is using his control of Paris as 
a launching pad for his presi- 
dential ambitions. 

The strategy has badly mis- 
fired, however. It has united 
tbe . opposition (including 
former President Giseard 
d’Estaing) behind M rhiTafy . 


Mitterrand seeks new Eastern bloc ties 


BY OUR PARIS CORRESPONDENT 


FR.\N'CE'S Socialist-led Govern- 
ment is seen as feeling its way 
towards a new relationship with 
ilie Eastern bloc during tiie 
current visit to Hungary of 
President Francois Mitterrand. 

M MUierrand was due to 
arrive in Budapest yesterday on 
his first visit to a Communist 
stale since taking office. French 
relations with the Soviet Union 
deteriorated sharply after the 
Socialists took power in France 


because of M Mitterrand’s much 
tougher aRitude over the Soviet 
invasion of Afghanistan. • 

M Mitterrand’s first priority 
at the time was to show that, 
with Communist ministers in 
the Government, he was none- 
theless a stauncher supporter of 
the western alliance. 

The visit comes at a time 
when French relations with the 
U.S. arc strained by the recent 
U.S. decision over the supply 


of components for the gas pipe- 
line from the Soviet Union and 
the damaging effect on Euro- 
pean ecpDogiies of high U.S. 
interest rates. 

In choosing to visit Hungary 
first, M Mitterrand has deliber- 
ately picked one of the East 
European states with the 
economic ties with the West and 
a comparatively liberal record. 

His aim 1$ to demonstrate 
that coolness towards the Soviet 


Union does not exclude develop- 
ing relations with other Com- 
munist states. 

The visit 1$ ioevitaUy seen 
as opening a door to the resumiv 
tion of more norma] relations 
with Moscow. The difficulties 
over the gas pipeline — which 
would run through Hungary 
are also on the agenda for talks 
with Janos Kadar, First 
Secretary of the Hungarian 
Socialist Party 


f 


: I 


C 


Suarez 
expected 
to foriii 


own party 


By Robert Graham la Madrid 


SR ADOLFO SUAREZ, the 
fonner Spanish Prime 
Minister, is widely expected 
to fonn his own political 
party from 'among his sup- 
porters In the ruling Union dc 
C^Cro Demoeratico <UCD) 
Ihe inevitability of his break 
with the UCD foUows a failure 
to patch up serious 
differences with the party 
leadexship. 

On Tnesday ni^t, Sr 
LeopoMo Calvo Sotelo* the 
Prime Minister, announced be 
had offered his resignation 
from the party leadership in 
favour of Sr Landelino 
LavUIa, the Speaker of Farlia- 
ment . 

This move followed a senes 
of meetings between Sr Calvo 
Sotelo. Sr Lavllla and Sr 
Suarez in which the latter 
sought to olitain control of 
the party apparatus. Sr 
Snarra, who was forced to re- 
sign from the premiership 
and the post of party leader 
in Januaiy 1981, . is 


apparently determined to 
regain the poUtica] stage. 

Since the UdYs creation 
in 1977, jnst before the first 
democralie general elections, 
Sr Suarez has been the party’s 
main electoral asset and 
lat fj ft opinion polls riiows 
♦hi* to be still the case. He 
has lakcfn advzmage of this 
and the eontinned loyalty of 
a majority of the regional 
party bosses In a bid to re- 
gain power. 

Although he effectively 
chose Sr Calvo Sotelo as hi» 
successor to the Premiership, 
he sought to prevent him also 
controlling the party. 

Initially, Sr Calvo Sotelo 
was prepared to let Sc 
Snarez's nominee, Sr Agnstln 
Rodriguez Sahagim, a ct a s 
party leader but last antmnn 
decided to try to rid the party 
apparatus of Sr Suarez's snjh 
porters. This led to his 
appointment as party presi- 
dent, a post he never really 
relished. 

In the wake of the UCD*s 
disastrons showing in the 
Attdalneian parliamentary 
eleetions in May, Sr Calvo 
Sotelo began to show signs of 
relnetanee to remain as both 
head of government and the 

party. 

Sr Snarez apparently was 
ready to accept Sr LaviRa as 
the new party leader. But in 
return for. offering bis full 
support, to 'the UCD, Insisted 
on a considerable say in' 
malriwy up the lists of elecr 
toral candidates fOr the 
general election, almost cer- 
tain to be held this antumn. 
Control of these electoral lists 
would enable him to place his 
own. supporters in Parliament 

Sr Calvo Sotelo managed to 
rally enough backing to heed 
off this demand and also 
snnbbed Sr Snares by offering 
hi mthe third place In stand- 
ing for Madrid. The UCD 
political eommittee is now 
expected to consider on Moo- 
day Sr Calvo Sotelo’s offer to 
step down while Sr Lavllla 
will give a formal reply by 
Friday. 

This sitoation leaves the 
fate of UCD even more un- 
certain. The liberals within 
the party are likely to desert 
when a Liberal Party is eon- 
stitnted next week, headed by 
Sr Antonio Garrignez Walker. 
The right-wing Christian 
democrat faction is expected 
to defect either to Aiianxa 
Popular el Sr Manuel Fnga 
or to a new Popular Democrat 
Party to be formed by Sr 
Oscar Alzaga. Sr Soares and 
his supporters, meanwhile, 
are expected to break away 
to form a Progressive Centre 
Party. These parties - could 
well retain loose links but 
would still leave the UCD a 
lonely ramp.. . 


Poland comes 
under pressure 
in debt talks 


By Pvter Monmgnbn, 
Euroniartcets Correspondent 


REPRESENTATIVES of SOO 
Western banks and Pnl^ 
governmeik officials said 
yesterday they held con- 
structive talks in 'Vienna on 
rescfaeduling Polish debts 
falling due this yeax^ bat 
took no decisions. 

“ Constructive . talks took 
place.'wbirii it is anticipate 
will lead to - an eventual 
agremuent between the banks 
and Poland on the manner in. 
which the 1982 -obligations 
wUl.be met," -fhe two sides 
said in a joint stafement after 
the meeting. 

Tbe meeting, which repre- 
sents the first formal session 
betwemi Poland 'and the 
banks on rescliednling debts - 
of more than $2bn (£lJbn) 
failing doe this year, was 
expected ■ only- to a 

preliminary look at the 
problem. 

But Poland is nodentood 
to have come under pressnre 
at the, meeting to jeesome - at - 
least some interest payments 
to the bante Arrears ' of ■ 
interest are st 

around glbn. 

It was not inunedlateiy.- 
dear _ bow Poland . had ' 
responded to such .pressure, " 
The shortfall - of ' interest 
payments has been frequently 
cited as a major ftninhimg. 
block' to a rescheduling 

agreement. 


Experts agree 
to disagree on 
next oil shock 


DO NOT be fooled by the appai> 
ent oil market calm that su^ 
rounds ministers of the Organi- 
sation of Petroleum Exporting 
Countries (Opec) meeting in 
Vienna tomorrow. A new crisis 
is lurking round the corner- 

This, at least, is the impres- 
sion given by international 
energy economists that body of 
minds who attempt to analyse 
and forecast trends in the 
supply, denmnd and price of 
They are undaunted Iv their 
almost universal failure to pre- 
dict the present state of the oil 
market which is now influencing 
tjiseusgibns in . Vienna ; — a 
market notable for the surplus 
of sapplies. a diminished OpM 
influence, and' stable prices in 
real terms. 

.Papers presented at last 
week’s conference in Cambrii^e 
of the International Assodation 
of Energy Economists would 
suggest that in e “ surprise 
free" world there should be 
more than enough oil and other 
fuels available, at least well into 
tbe 199te. Consequently Opec’s 
scope for sizeable price in- 
creases should be severely 
restricted. 

Oil appears to have become 
less important in the general 
energy i»cture as a result of 
conservation measures and the 
development of alternative fuels 
—a point made by Prof. Morris 
Adelman of the Massadxusetts 
Institute of Technology, the 
doyen of energy econoroUts, 

On the other hand. Sir Peter 
BaxendeU, chairman of the 
Royal Dutdi/Shell (Roup’s com- 
mittee of mana^ng directors, 
warned forecasters against the 
view that market forces will in 
future dictate toe oil and enwgy 
markets. “ Ttus seems to me to 
be not just mistakenly simplis- 
tic. but potentially dangerous." 

So. invariably, energy econ- 
omsts hedge their bets by 
admitting all toeir forecasts 
could be overturned 1^ shocks 
and crises. No one knows what 
will trigger the next energy 
crisis; , to&t is the point about 
shocks. But the Association has 
condneted an exercise which at 
leaotpoiots to some of the mqia. 
fears troubling industry 
analysts. 

In a unique poll, con- 
ducted at the end of tbe 
conference, the energy econ- 
omists from around the world-^ 
but predonunantiy from Europe 
and toe U.S.— were adeed to 
state what they considered to 
be a "likely’' sfaodt to the 
iDternational oil market Tliey 
were then asked to think of a 
"less likely" crisis. 

The p^^ology behind toe 
two questions is interesting in 
dtseif. It was asaimed that 
answers to tbe “likely” shock 
question would be influenced by 
a consensus view of woridwide 
tensions and that tbe second 
question would ^icit the more 
personal concerns of toe econ- 
omists. 

In toe end, tome was little 
doubt about tiie likely seat of 
toe next crisis: toe IGddle East, 
a region wbkfi accounts for 53fi 
pv cent of tbe worid's proven 
oil reserves and over 27 per cent 
of total oil production. 

ViHiat was stinking, was that 
a revolution in Saudi Arab ia 


EVENTS EXPECTED TO CAUSE THE 
NEXT MAJOR OIL SHOCK 




Ray Dafter, Energy Editor, on the 
' results of a unique poll 


11*1; 

jiih 


was considered toe most Hkcly 
event lo cause the next major 
“oil shock”. More than one- 
fifth of the 53 rc^ndents 
named a Saudi revolution as the 
most likely shoric. Of toe re- 
mainder, 13 per cent — Uie 
biggest group — reckoned that 
a reviHution would be the next 
likely shock, 

The threat of a Middle East 
war and possible Soviet aggres- 
sloo in toe Gulf were also cited 
among the concerns. Those who 
were specific about such issues 
saw the .Arab-Xsraeli confronta- 
tion as toe most likely cause of 
a war, and Iran as the most 
likely target of a Soriet invarion. 

Outoide the Middle East the 
issue toat seems to be worrying 
energy forecasters the most is 
toe vulnerability of nuclear 
power. Over 10 per cent of the 
respondents thought there was a 
possibility of a nuclear acadent 
leading either to a curtailment 
of the world’s atomic energy 
progranune or, even wortic, a 
complete shut-down of the 
industry. Such a move could 
have a significant impact given 
that nuclear power now 
accounts for about S per cent 
Of encr^ consumption in 
'Western Europe and about 6 
per cent in Japan. 

One of toe anonymous respon- 
dents thought there was a one- 
in-five chance that a significant 
reactor accident could curtail 
nuclear development in the 
West for 10 to 13 years. ^ 
contrast, the economists con- 
sidered that the prob^ity of 
a complete halt to Saudi pro- 
duction was one-itt-20, 

In the light of events In the 
1970s it is not sunvisins that, 
in toe main, shocks were ex- 
pected lo cause a surge in oil 
and energy prices. But in many 
ways a sudden drop in prkes 
could also be disruptive. For 
instance, if oil prices fell below 
S20-325 a barrel much of iht 
high-cost development in the 
North. Sea might be rendered 
uneconomic. Treasury revenues 
would suffer from lower prices 
and lower production. 

Judging by the .papers pre- 
sented at Cam-bric^e, few' 
energy forecasters expect oil 
prices to plunge over the next 
20 years or so. Quite a few. 
however, are coming to the coo^ 
elusion that prices in real terms 
mJi^t continue to decline lor 
toe next few years as a result of 
low economic growth, con- 
tinuing conservation and the 
development of alternative 
fuels. 

The poU showed that a 
collapse of Opec would be the 
most likely cause of a sudden 
dnv in oil prices, althoush 
10 per cent of the economists 
mentioned prolonged economic 
recession in one of their two 
answers as another reason for 
falling prices.* 

A similar proportion of those 
polled ^so saw toe possihiiity 
of a major new oil discoveiy 
leading to a boost in supplies 
and a fall in prices. Tbe China 
Seas and an undefined area 
“south of Port Stanley," in the 
Falklands. were cited as the 
likely spots for such big oU 
.finds. 

FoUqr makers will find it 
difficult to plan on the basis of 
such cursory findings. 


(%) 


Leading to higher oil prices 

Revolution in Saudi Arabia 
War in the Middle Bast 
Tempoiary disruption of fffddle East supplies 
Soviet aggrassien in the Gulf 
Nudear power station- disaster 


Likely 


Le« 

Ukety 


Leading to lower oil prices 
Collapse of Opec 
Major oil discovery, outside Opec 


21 

13 

15 

9 

9 


13 

9 

6 

8 

4 



Others 


22 


44 


100 


100 


HOW THE NEXT OIL SHOCK COULD 
AFFECT PRICES 


Higher Oil 
Prices 


Prolonged reduction' 
in Middle Eet 
supplies- (incL 
Saudi revolution) 30 


Less 
Likely Ukelv 


Lower Oil 
Prices 


Less 

. L ik ely Likely 
Opec break-up 9 8 


21 


Temporary 
reduction in 
Middle East 
supptieg (Ind. 
AraMsnidl War) 
^ing worid' 


28 


IS 


Prolonged 
recesslort in 
OECD 


demand/stronger 
and/or enlarged . 
Opec 

Nudear power 
itation disaster 


15 

4 


^M^oroH “ 
discoveries 
outside Opec 


Stricter energy 
«ORservatioh 
pragnimmes in 
OECD . 
.Intprdv^ oil 
extraction 
tecnology 


— 4 


•73 


62 


19 


2 

24 


Other--hnrnoro*is, megible/ etc.' ' 

9* “ Bneigy economists ^ree on. future market trends " 


Lets 

Ukely Ukciy 


14 




\ ri 






I'k.. 



^..r ■ 


)Ch 


I 




C:'» 


et^n 

1 ;■«? ■ 


pH 

V 




y 


.^[iines Thui^y 




^ . im- :v; 

'.At.',.. s'.‘'jL g. 





OVERSEAS NEWS 


Sudaii fails 

topay$22m 
interest ' 


6]r'Qiwnt[i» p«tl, Jtfris fifitor 


GOVEJOjllENT- «f Sadan 
aas failed to pay- the latest y»iw 
(£12.77m} in interest due on 
Its commercial bank debt) wbidi 
was. rescheduled . .only..''' last 
Dee^ber, according to .baifteis 
itt London.- 


*- \ 


Payment was (tae nn Tuesdayi 
but the lOO^dd banls inyoleed 
in Sndffi’s- external -'debt were 
informed 1^ .jeeek ttet the 
central bank did -not have the 
gan>i avail^le.' 

The crisis has come about 
in spite of the combined efforts' 
of commercial banks, a couor* 
tium of- aid donors, the-. Paris 
ei^ W^em ^ovemment credl- 
toi^ mid- 'tte Iqte mari fmal 
Sfonetary. Fund,- to resolve 
Sudan's 93bn external debt pn^ 
lent. 

Tbe immediate cause is fhe 
refusal of the IHF to-pay out 
Sudan's Jatest:SDR 35m drawing 
— less a -SDR' 12m; repayment— 
of its SDR 1.98m standby facility* 
vdiicti was due' to. be made at 
the end .(€ month. . 

The ^ blem Is teat Sudan 
has ontstandi^ - arrears with 
Paris, Club .carediton, and. there* 
fore -does not comply wxte tee* 
IMF's credit conditions. 

At tee. same time.* md- from 
'donors, who . drew- ^ a ^SBChn 
package in Jahnazy, has 
through more slowly than, ex- 
pected. . . ' 

Behind tee Immediate 
however,'is-a further deteriorar 
tion in. Sudanis external trade 
balance ovwttie pastsix months, 
wite a drop in eaqiort commodity 


: I 


prices; notably for cotton, and 
an Increase, iri impcnts; indod* 
ing sugar and wh^L 
Alteongh the. Sudan .goyent- 
menl is* adaynant teat -payrnent 
will be - made, and tee IMF 
drawing, is expected to. be ap* 
proved towards tee - .end of 
August, teere is sedous.concerh 
among- V coBaroercial bankers 
that tee eotDte7*s.ca£.sbortage 
could mean yet anoteer* ^bt 
resche'dalingi ~ . 


Ausiralun, Labor 
cools nraniiim plan 

The Australian . LaiKir Paer^ 
yesterday softened its ftepiact- 
able oppo^on to 
mining and export..-^ a ‘move 
teat shmild'.ieiteance Its; stand- 
ing with the mining liydtKtry,-as 
wen as its .p^tical dances, 
liOcbael Tb(^soD-Nbel writes 
from Sydney. - Leftwingers m 
the party's pblit^-mddng oon- 
ference in C^berra vowed to 
overtura yesterday^ dedsion as 
soon as possible.' But as it 
stands, tlie official -OjqMsition’s 
new poHcyi^ves a fUlnre Labor 
calbiDet’a.free band th endorsii^ 
existing oapdit contnxtsL . 



. . refused 
to sayliowinaiiy trooj^ilrwild. 

leavo • ■ 


Vietnaiiito 

r^iice 
forces in > 


' By JebaAn Shaotp In IMte 
MnhCity 


VZETNASCs. Foreign Minister, 
Mr. Nguyen. Co. Tbech, 
announced, yestmday team ‘Viet- 
ham, win this, monte .seu. out 
some teeops . occupying > f^m- 
pudiea ! since 19TO, ;* droppUig 
Bbnoi’s earlier conditions for 
suite a withdrawal. 

Vietnam had in fact already 
pulled oizt' .a number of; ite 
troops last y^, he adde^ and 
would, consider fuztem with- 
drawals soon, depending (m bow 
Thailand, widch borders - Kam- 


puteea, -responds to teis latest 

ini-tiaHro . - -- 

m TnaWiigr thfg gesture, -the 
VietTiamese have dropped a con- 
dition' 'teat niaila^' stops 
giving aid and eomtert .to tee 
Khmer Rouge gnenillas who 
are fighTfng against '200,000 
Vietnamese troops from bases 
sQizng alone the' Sanynzteea- 
Thai bender; 

Also, Vietnam .evidently 
hegies to' demonstrate its flexi- 
bility ahead ' 'of Mr . Ihach’s 
planned tour later thiryear of 
nion.cQmmniUst $butb-Kast Asiah 
natuw ' which oppose Hanoi's 


Zimbabwe o3 
pipeline redjpens 

Zimbabwe has announce the 
re-opemng.of a 288 km oil pipe- 
line between the Mosambiean 
port of Beira and Fern^ near, 
the eastern Zimbabwe ' city of 
Mutare (formerly- - Umtali),' 
Reuter reports ' from fierare.. 
The Zknbtewte Miniitry- id In- 
dustry and: -Energy Devteip- 
ment said last night that akeis 
Date supplies of diesel and 
petrol were bring- pun^ted-into 
the line, -owned Lonrho. 


Indian ciedit eased . 

lodia's'Finance Mihiacry, coh- 
cerzied about compbdnis a 
build-iip of -stocls yesterday, 
ordered banks to 'ease credit 
restnctlons imposed last year 
to contain-, inflation land to 
comply w£te conditions laid 
down by -the Intonational 
Monetary Slind,' K. K. Sharma 
writes from New Drihl 


move into Kampuchea and are 
'■itenanding total withdrawal 
The impact of the anhoonce- 
meati- white was' also induded 
In a -eemnuBtiqng,' was 'blunted 
somewhat by-Mr'nuite’s t^osal 
to say, - in 'face''^of raRCkted 
questions, how many 'Viet- 
namtee would leaite Kantpudi^ 
and fnrnt .\teat re^^m 
The -Vieteamese announce- 
ment came rfts- tee. iOimer 
Rouge and' two noiHmnmnnist 
resistance- groups formed a 
coalition Government aimed at 
giving - the ' azAi-Vletiisiiitese- 
fiHCK more CFedibili^ and also 
at attracting jooie intemetioiml 
aid. ■ 
rBntMr Thate denied teattee 
troops withdrawal was^ intended 
as -a diplomatic counter to.' tee 
coalMioiz,* white he described as 
afaice. ’ 


Defoing tee poritive re^onse 
that Vietnam required from. 
Thailand before considering 
terther troop wlthdxuwals, Mr 
Thaeh said Thailand must not 
allow. China, the Khmer Rouge 
and . ether. *Yeactiozt|^ foxcesT 
to use Thai t aTlte c y to launte 
attadri. against Kanqiucbea. = 

' One interesting prizit made by 
the Fnrign Minister cmitred oo 
tee .Kampudmut seat at tee 
United Nations, .Vteite -has -been 
he^ by the Khmer Ronge under 
its title of Democratic Kampit 
chea.. 

The communique ^teid tbat 
tee 'Vietnamese-backed Gowayt. 
ment in Fhnoni Penh does not 
require the UN 'to accept it as 
-tee K^opnehean representative 
if. ' the' Kfazner Ronge were 
rejected. 


World Bandk agrees 
S. Korea loan deal 


BY DAVID OODWEU. 


THE WORCD BANK ye^rday 
committed itself tea" soSastan- 
tiaL leziding prograsame'* to 
South Koiea, including a series 
of stnictural . adjustment loans. 
It also Grilled on leading West- 
ern governments to join It in 
co-financkig projects.. ■ in- . tee . 
country. - 

Korean -offienls -attending the 
conmUtettoe ' group meeting, 
held every «wo years at tee 
WozM Baiflt offices in Paris, pre^ 
dieted forei^ faozzowtog needs 
of about ^?ba between'' now 
and 1986,. with its total foxrign 
debt zist^ from tee 'present 
$8^- to aidnbst $65bn.' 

The - World Bank, espressed 
fifli confidence hi tee country 
massive boirmrizig ptogzannzie; 
describing it as '.'prudent,*^ as 
long as assumptions of 8*7 j>er 
cent GNP gzDiilh, . strong es- 
port groiyrth, and falling ihtez^ 
itetioDal intei^ rates were ite- 
held. 

Foreign borrowings: this year . 
are llk^ .to be about 96bn»-. 
down from* oriipnal prdjectidns 
of $7Abn. About $14bn of this 
year's totel is needed fw dtet 
and interest r^ayment 
' Ooncezned at teas higb level 
of debt and int er e si re pa ym ent. 
World Bank officials evidentiy 

criled : bh Kom ,to tten its- 

teort-tmm boxrowuQS. ' and to. 
increase instead-, medkim. aazd 
long-term borrowing. 

They also eaHed for fresh 
efforts to. boost 'direct foreign. 
izwestmeiEt, whiGh rose from 
about $100m in:ldSD to $150m 
last year. The present fifth five-, 
year plan, vteich began teis . 
year, aims for direct foreign 


Seven- pet^e .accused In 
tee recent kerb niaricet fraud 
in Sontii Korea -went on. tidal 
.in Seoul yesterday. 

. Fadzig._teo Se^ district' 
criminal court ‘wore an ex- 
-deputy director the Korean 
Central hiteUigcnee Agency, 
Lee Oul-Hi, his irito' .Ctmng 
ToipJa, and flye id teefr. 
associates. T3ie prosecution 
alleges teat 'flie cbnple 
' mana^ to amass . nearly 
-Slbn in less than two years by 
distonitfing cmnpahy ' pro- 
missory notes in .lumeh of 
trust • 


inv<totment of SSSOpi by 1986. 

- The Bank Itot December 
agreed its first stEuctaral adjust- 
ment loan to Kqeea, .worth 
S250KL Officials unahte to 
say bow large tee planned 1^- 
4ng programme to Kor^ w^ 
be, but at win almost certainly 
«seeed present conmtanents 
ztouteigat’teout $600m a year. 

The proposal /to encourage 
ucHfinaDciiig comes at a time 
when the WpiM * Bank's 'OWn 
'fui^. ^ bring, squeezed. - 

' It is iilmlyto^roaden Korea's 
myNtciity to boziiow at a time 
when it is dose to its own boi> 
rowing limsts. It ensures inter* 
national- -.odlabonation- in. 
Korn's developzitent. It allows 
tee Woild tends to go 

furteer teap . .oteeiwjse - po> 
sible, and 'it pnmdes govern- 
mente' or private investors with 
confidence. In . projects- without 
tee need -for thra • to invest 
heavUy to'-feasiibUity ^dies. 


■ >£ 


PLO ‘has Bot yet agreed to plan to quit Beirut’ 


tor DAVID HOUSEGO IN PAMS 


FRANCES Fbrel^ lOnlster, M 
CItode Qz^ssott, who had talks 
in Paris yesterday with Mr 
Farouk IGmddanii, political 
Erector of tee Palestine Libera- 
tion Oiganisatem, eaUI after- 
wards tiiat tee 'oismzisation had 
not yet given Its. agreement to 
any plan for the evacuation of 
Nestinians from West'-Brirut 
. France denl.ed on-. Tuesday 
that it- would -join- the UB.-in 
sending forces to police an evac- 
uation of the city. The Mhdstiy 
of External Relations said 'tiiat- 


any FreDCih..partiripation would 
require that sudi an operation 
be . initiated by the Lebanese 
Government and have tee full 
support of the Palestinians. 

It would seem, however, that 
contingei^ plans have been 
drawn up for French troops to 
be involved. But In Frendi eyes, 
an- - evadiatibn under ■ inter- 
national-supervision could only 
follow ■ a poUtieal agreement 
under white tee PIX) and Israel 
reco^iised eaxih other's right to 
exist 


The Frente. believe there has 
been an evolution In FLO think- 
ing. M Cheysson declared yes- 
terday teat the PLO leadership 
had told the French recently 
teat teey were ^Teady to pass 
from an armed phase to a poli- 
tical phase” of their struggle if 
"their political role was recog- 
nised.” 

France wants Israel to pick 
up this .implied PLO offer to 
negotiate on tee basis of mutual 
recognition. 

Three leading members of the 


Jevdsh community in France— 
M Pierre Mriideo-France, the 
former Prime Minister; Dr 
Nahum Goldmamz, honorary life 
Ptesident of the Worid Jewish 
Congress, -azid M Philip Klutto- 
nick former President of the 
World Jewish Congre s s last 
week appealed to Israel to 
negotiate with the PLO. 

In an initiative hy .no means 
welcome to the vteole Jewish 
conmumlty in France, they 
called for "reeipro^ recog- 
nition” and negotiations 


French diplomacy is now 
focused on ateieving a joint UN 
resolution with Egypt on a with- 
drawal of forces in the 
Ijebanon, 

But the French have no wish 
to join in an operation with the 
UB. teat would be interpreted 
in tee Arab world as lendii^ 
support to Israel's aims. 


Editorial comment. Page 20 
CheyssoB ... PLO **ready to 
pass from armed (o political 
phase” 



David Lomon in Tel Aviv assesses the prospects for the PLO’s cause after its setback in Lebanon 


Defeat for the Palestinian symbol, not the spirit 


THE SHOCK of-Imtel% massive 
attate on -PalestlnXu 's&ong- 
holda in Lebanon and tee pend- 
ing sunvnder or militaiy defeat 

'Of ' tee FLO .leadriteip in 
Beirut hag ghiwnwl tee Tnititani-. 
Balestsnians firing - under 
laneli oceopatimi on tee West 
Bank oizd to tee Gaaa Strip. 

De^te defiant statementB 
proclainring teat tee defeat of 
tee PLO to Lebanon will not 
deter tee .Paiestinan people 
&om panadjoig teeir goal of 
attaining an todepazdeait state, 
it is clear teat tee events of 
sunamer ' 1982. bare proved as 
big a setback for 'tee Pales- 
tfitfana as tee Black September 
(rf 1970, when Kmg Hussein 
drove tee guerrillas out d 
Jozden. 


"People are coirfused about 
whet win happen,” one western 
observm* <m tee West Bank 
commented, "bift tiieir spirit is 
sot broken.” Mr Sama’an 
Khouiy, editor of tee East 
Jerusalem weekly A1 Fajr, ex- 
plained.; “ The Palestinian 
people are tee infrastructure of 
the PLO. and unless General 
Sharon can destroy all the 
Palestinians, be cannot dretroy 
the PLO.” 


Even pet^le not noted in the 
past for their support of the 
PLO have been outqMzfcen riiouL 
the futility of teis war in terms 
of . breaking the will of tiie 
Palestinians. "With tins cam- 
paton in Lebanon, Mr Sharon 
has destroyed moderation it- 
self.” says Mr Anwar Nutoeibeh. 


a former Jordazzlan defence 
minister and ambassador to 
LondmL “The PLO is a symbol 
of a ottuse. You may destroy 
a symbri, but the cause re- 
mains. If tee PLO is destroyed, 
a new aymbol will arise w^h 
is mote radical.’' 

This -sbari>ly contradicts the 
view of Genl Sharon, the De- 
fence Minister, who believes 
that by crushing the PLO in 
Lebanon, he will have opened 
the way for more moderate, 
that is, more co-operative, lead- 
ers 

Even before the war in 
Lebanon, Israel had been try- 
ing to alter the situation on the 
West Bank hy deporting or dis- 
missii^ the elected mayors of 
tee main towzxs, who are almost 
afi opmi supporters of tee FLO. 


This was paralleled hy the 
fostering of village leagues 
headed by pro-Israeli figures. 

The most senior of the village 
league leaders is Mr MusUda 
Dudeen of the Hebron region. 
Protected by Israeli soldiers 
and more recently by his own 
private militia, trained and 
armed by the Israelis, be fre- 
quently spea^ about the need 
for co-operation with Israel. 

While Israel places a great 
deal of hope in the like of Mr 
Dudeen, the village leagues 
have singularly failed to attract 
much support 

Indeed, thou^ Israel ha$ dis- 
missed five mayors and 
municipal councils on the West 
Bank in tiie past seven months, 
it has failed in most eases to 
find local residents willing to 


take over the vacant posts. 

After a violent spring on the 
West Bank, during which 
demonstrators and Israeli 
soldiers clashed daily with 
many deaths, the territory was 
calm fOr the first three weeks 
of the Israeli invasion of 
Lebanon. 

But in the past few days 
there has been a resurgence of 
violence as tbe Palestinians 
took to tbe streets again, this 
time to protest at the Israeli 
invasion of Lebanon and the 
siege of the PLO forces in 
Beirut. 

Mr Sama'an Rhoury admits 
that the defeat in Lebanon 
means a setback for the PLO 
and the Palestinian cause. “But 
King Hussein killed 25,000 of 
our people in 1970 and it only 


took the PLO five years to re* 
arm. It may be more difficult 
now because ihe chances of 
having a base near Israel is le^s 
likely, but we cannot be de- 
feated because our cause is 
just.” 

Despite the military defeat, 
the Palestinians of the We.-c 
Bank and Gaza Strip hav*c 
already expressed their pride tn 
the way the PLO fighters have 
held off the Israelis 

The situation is .still in lliix 
and the attitudes cf tV.e 
majoriO' of the West Kinkers 
have yet to be cL-triHed. but 
only a fool would claim today 
that Israel's war in Lebanon ins 
crushed Palestinian nationalism. 


Palestine—on Idea which will 
not die. Page 21 



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AMERICAN NEWS 


Financial Times Thui'Sday July 8 1982 

WORLD TRADE NEWS 


Reagan backs flat-rate tax plan 


BY ANATOIE KALETSKY IN WASHINOI^ 


PRESIDENT REAGAN has lea- 
tatively endorsed a flat-rate tax 
system, which would subject all 
taxpayers to the same percen- 
tage tax rate IrrespectiTe of 
their incomes. 

The Pre^deot called the flat- 
rate tax proposal “vezy tempt- 
ing ” and “ worth looking into,** 
in a speech in Califoinia on 
Tuesday. 

His endorsement -vflU add sig- 
nificantly to the credibility of 
numerous ta.x reform proposals 
which hare been circulating in 
Congress in recent months. 

The political popolarity of 
fiat-rate tax reforms is based on 
the fact that they would elimi- 


Guatemalan 
media faces 
censorship 

GUATEMALA CtlT-- Gnate- 
malan President Efraln Rios 
filontt has bannikl the media 
from printing or broadcasting 
any reports about left-wing 
guerrUIa activity not 
by his office. 

The move, annoanced in a 
eonunnniqne which carries 
the force of an official order 
under a State of Siege pro- 
claimed last week, re- 
affirmed a ban on all political 
activity. 

The communlrine issued on 
Wednesdnv said anv newfr 
paner or bmadcasting station 
the han conid face 
d.Vilv srovormrent censorship 
of news material. 

Gen Montf, who came to 
power in a bloodless military 
coop, has ordered bis army 
into a major offensive against 
the guerrillas following the 
expiry of an amnesty offer. 

The army has given no 
details of the number of 
troo-is involved in the opera- 
tion but diplomats said it w'as 
b>’ far the biggest since he 
came to nnwer in jHarch. 

Some 2,(MI0 people, mainly 
peasants, have been IdlM 
this year in political violence 
involving guerrillas and 
government troops backed by 
right-wing paramilitary gronps. 
Reuter 


nate all or most tax exemptions 
and loopholes as well as loweF- 
ing marginal tax rates on Ugh 
incomes. . 

, Proposals cuirmiUy being 
<nrcnlated in Congress provide 
Rir a flat’fste tax of be^een 
14 and 19 per cent This would 
raise the same total revenue 
as the pr^nt progressive tax 
system which has marginal tax 
rates of up to 45 per cent (50 
per cent until July i this year). 

Although top-rate taxpayers 
would benefit at the expense of 
lower and middle income 
gronps from the aboliton of a 
progressive tax system, the 
Democratic Party last month 


endorsed a study of flat<nte 
taxes at its national conven- 
tion. 

Cons e r va t iv e Republicans, 
paitieularly those who had 
strongly backed *‘supply<Me ^ 
tax cuts to increase economic 
incentives, bdieved a flat-rate 
tax would former reduce the 
disincentive effects of hi^ 
marg^al tax rates without cut- 
ting into Government revenues 
and producing huge budget de- 
ficits. 

Among the fiat-rate schemes 
proposed -is a conservative one 
which would impose a 19 per 
cent tax rate, with no deduc- 
tions on all incomes above 


35,000 (£2,890) for a married 
coaple. This tax rate would also 
apiriy to corporate profits, but 
capital gains and dividend in- 
comes would be exempL 
At the other end of the politi- 
cal spectrum, two Democratic 
congressmen have proposed a 
graduated system, witli a 14 
per cent rate beginuing at an 
income of over $7,6C0 for a 
married couple, and rising in 
three stages to a SS per cent 
rate above $65,000. This would 
permit the present exemptions 
for mortg^e interest and 
diaritable payments to be re- 
tained. 


Junta unites behind Bignone 


vr JH«MY Bum M BUENOS AIRS 


THE POSITION of Argentine 
Prudent General Reynaldo 
1 Bignone has been strengthened 
I with the announcement yester- 
I day that a number of air force 
and navy officers have agreed to 
' return to key administrative 
posts. 

Hundreds of air force and 
navy appointees resigned two 
weeks ago when their re^eo- 
tfve Gommanders Brig Basildo 
Lami Dozo and Admiral George 
Anaya gave up tbedr active par- 
ticipation in the junta. 

The t!wo notary leadtts had 
objected to tbe aJ^s appoint- 
ment of Gen Bignone. 

But r^atiotts between the 


ihree hrantfiies of tbe aimed 
forces have hnproved since last 
weel^ attempt reconcoliation 
collapsed. It had focused on 
Che creation of a dvilian vice- 
president. 

Air force Srig Jose Sliret has 
been confirmed in his post as 
planning secretary. Brig Mlret 
played a key role as a foreign 
affairs adviser during the presi- 
dency of Gen Lec^ldo Galtieri. 
He is regarded as one of ibe 
miiiitazy regime's '* intellec- 
tu^” who has been pressing 
for a reconciliation. 

Another significant appoint- 
ment is that of Adm Ramon 
Rosa as head of the President’s 


military household. One of Adm 
Arosa’s mam roles wi31 be to 
act as a personal intetsnediary 
between tiie presided and the 
armed forces. He will also be in 
charge of the Fresidentls per- 
scmal security. 

Adzn Carlos Sastro Madero has 
been confirmed in his post as 
the head of Argentina's Atomic 
Commission. 

Military officials were yester- 
day suggesting that Brig Gen 
Lami Dozo and Adm Geo^e 
Anaya could voluntarily resign 
tbeir posts in the nest few 
days in an effort to h^ Gen 
Bignone reform the ruling . 
junta. 


National rail strike threatened in U.S. 


BY REGifUlA DAIE, US. EDITOR IN WASHINGTON 


THE U.S. faces a crippling rail 
strike from Sunday unless 
President Ronald Reagan inter- 
venes. 

I The strike, wheh will mainly 
I affect freight trains, will para- 
' Ij'se shipments of goods rang- 
I ing from Kentucky coal to 
California fruit across most o£ 
the country. 

The Brotherhood of Loco- 
motive Engineers* Union and 
the National Railway Labor 
conference, the indimoy nego- 
tiating body, say it is unlik^ 
agreement can be reached on a 


new contract by the Sunday 
deadline. The union sent oat 
strike orders to its members 
yesterday. 

Preddent Reagan has the 
power to order a 60-day coolizig- 
off period and appoint an 
advisory hoard which would 
report to him with recommenda- 
tions for a settlement 

The industiy has said it 
would like him to step in to 
avert the strike, but there has 
so far been no indication 
the 'White House that he wHL 
do so. 


The walk-out by an estimated 
35.000 drivers and firemen, 
would hit all U.S. rail traffic 
with the exception of most of 
Amtrak, the Government- run 
national passenger service, and 
the private Conrail freight and 
commuter system in the north- 
east 

the National Mediation Board 
said it was preparing a recom- . 
'mendation to Reagan on the 
establishment of an advisory 
board and said it would prol^ , 
ably be in touch with the White 
House before the end of the 
week. 


Dow Jones 
halts index 
futures 
proposal 

By David Laseelks in New York 

DOW JONES and eompasy has 
von an important l^al battle 
in its efforts to prevent ito 
name being associated with 
• the fast-growing but contro- 
versial stock index futures 
maricets. 

Farther battles may yet be 
fought Bat as grand 

after a coert nxling tWy week, 
the stock index ftitores in- 
dnstry may have to go ahead 
wlthnot the hest-kno%m index 
of all, the Dow Jones index 
of 30 industrial stocks. 

The Qdago Board 
Trade, one of the largest 
futures exchanges, had 
planned to launch a amttact 
based on the Dow Jones Index. . 
Bat Dow Jones and Company i 
claimed proprietory rights to i 
the Index and sued to halt the 
plan. 

The company lost the first 
legal- roond In a Chicago 
court but then appealed to the 
Illinois supreme court which 
ftnmd in its favonr on Tues- 
day. 

The Chicago Board ot Trade 
said yesterday it was dis- 
appointed by the dedrion hot 
deeUned to comment on what 
further action it might take 
until it had stndied the 
eoart's written opinion. 

Dow Jones says It does not 
wish its name to be asso- 
ciated with a speculative 
trading instnimeni, and at 
one stage in the coert hear- 
ines it threatened to stop com- 
bing the Dow Jones averages 
altogether if the courts did 
not rnle in Its tovonr. 

Other index compilers like 
Standard and PMrs and 
Value Une, have allowed 
their names to be used for 
futures on other exchanges. 

Stodc index futures give in- 
vestors and traders a dieap 
bat hi^ily leveraged way of 
hedging or speculating on 
movements in the stodc mar- 
market 

The first contracts were 
traded only last February and 
volume is still modest bat 
many people on Whll Street 
believe their potential is huge. 


Australian mining companies 
join anti-protectionist lobby 


BY MCKAEI. THOMPSON4lOa. IN SYDNEY 


AUSTRALIA’S anti-proteetloiiist 
lobby received a booet yesterday 
when four leading mining com- 
panies joined fbrees with 
fanners, retailers, and con- 
sumers groins to help persuade 
the Government to cut levels of 
protection 

Earlier this week, Australian 
manufacturing associations took 
; the opposite tadc, arguing that 
! cuts in levels of protection in 
the present climate would hit 
growth and increase unemploy- 
ment. 

Tbs mining majors were CRA, 
MIM Holdings,. Western Minins 
(kirporation Holdii^, and Reni- 
son Goldfields Consolidated. 
They have joined the anti-pro- 
tectionist lobby's calls for im- 
plementation of an Industries’ 


Assistance Commission r^iort 
favoorlng cats in protection. 

Australia’s manufacturing 
sector is one of tbe most stren- 
uously protected among indus- 
trialised countries. B^oum 
cunpnnies have long argued 
that levels of protection enjoyed 
by some sectors, notably cars, 
dothing and footwear, have only 

subsidised inefficiency. . 

Other gxtmie in the anU-tanff 
include the Australian 
Retailers* Association, the Nat- 
ional Farmers Federation, and 
the Australian Federation of 
Consumer Organisations. 

The miners stoud is seen as 
giving a boost to the anti^^ 
tectionist forces within me 
cabinet, which include Mr John 
Howard, the Federal Treasurer 


Jakarta counterpurchase 
policy details awaited 


Vulnerable Caribbean economies under pressure 


BY GOUNA ItecDOUGAU. 
DETAILS of Indonesia’s new 
pdicy of counterpurchase are 
not finalised and may be some 
weeks in coming, Mr A. B. Buck- 
well, assistant director for 
IQeinworit Benson (merchant 
bankers) said yesterday. 

*T would advise companies to 
keep on negotiating,” he added. 
“Some have already signed 
letters of undertaking on the 
counterpurriiase element of 
their de^. with some amend- 
ments which afford them protec- 
tion included.” 

Indonesia announced at toe 
end of last year that it woirid 
adopt a new policy of linking 
eert^ govermnent-t^onsored 
contracts to exports — ^in effect, 
the foreign partner now has to 
undert^ce to buy Indonesian, 
commodities to the value of the 
contract. 

The legislation on toe policy 
has not yet been signed by 
President Suharto, however, and 
^tailed r^olations have yet to 
emerge. 

Indonesia has been pressed 
toward tl^ new system by an 
impending trade deficit of ^bn, 
the result of the world reces- 
sion, and the need to continue 
its large devetopmenc projects 
using foreign equipment 

Basic requiremeuts of' the 
policy are that state contracts 
exceeding Rupiah 500m 
^(£^,000) are subject to 100 


per cent countertrade, with 
some exertions including thoto 
financ^ under aid. Indonesia 
has publiriied a list of products 
that can be exported to fulfil 
toe coimterpuTifiiase require- 
ment and of companies to sup- 
ply them. 

Under toe system, the foreign 
partner mast sign a letter of 
undertaking when he negotiates 
bis contract in which he agrees 
to the counte^undiase, and to 
a penalty of SO per cent of tbe 
unfulfilled value if It Is not 
completed. “This is a severe 
disincentive,” said Mr Buck- 
well in his address to tbe 
Ixmdon chamb er of Commerce 
and Industry. 

Indonesia’s counterpurchase 
system is not intended to pre- 
vent the Biitito exporter using 
Export - Credit Guarantee 
Detriment finance, since there 
will be two separate contracts. 
(ECCD ^s not cover contracts 
which contain countertrade 
elements.) 

The entoryo state of tbe regu- 
lations is encouragic^ British 
businessmen to believe that 
th^ can be improfved. ** It’s not 
practical to do counterpurchase 
on toe basis of what has been 
suggested,” said one. ** The 
Indonesians did not quite 
understand what toey were get- 
ting inta They’re now asldng 
for advice.” 


BY CANUTE JAMES IN KINGSTON 


THE ECONOMIES of the 
countries of toe Commonwealto 
' Caribbean have suffered set- 
backs in the past few months 
through a combination of 
dome-stic and external factors, 
according to the Caribbean 
Development Bank's latest 
report cm the region. 

The Bank Is the region's 
major financial institmion, with 
headquarters in Baibados. It 
offers little solace to regional 
governments and economic 
i planners who may have been 
hoping for fewer and lighter 
economic pressures in the 
coming months. 

The report covers the island 
economies, and those of Guyana 
in South .Amprica and Belize in 
Central .'America. It said the 
state of the financial affairs of 
the area underscored “ . . . the 
vulnerability of the region to 
oeonnmic events in the indus- 
trialised countries.” It also 
reflected the effect of ” . . . 
domestic factors, including pro- 
duction difficultic.s, problems in 
national ocnnnmic m.'inagenient 
.ind adverse weather con- 
ditions." 

Ttie oxtcrnnl factors to which 
the Ban'k refers are influential 
in the reduction of earnings 
from h.iuxite and toiirism, two 
important ptllar.s of the region’s 
economy. 

The economics of the region 
arc all ba«cd on acnculiiirc, 
and agricultural exports have 
.lisn been suffering. The 
Caribbean Dc\'elopment Bank 


Lack of demand 
from the industrialised 
countries is threatening 
two pillars of the 
region’s economies : 
bauxite- mining and 
tourism 


echoed recent complaints from 
sugar exporters about financial 
problems affecting prices of 
sugar shipped to Britam, under 
the Lome Convention govern- 
ing trade between the countries 
of the African, Caribbean and 
Pacific group, and the Euro- 
pean Economic Community. 

"The quotation of prices in 
Eiuman units of account 
caused the Caribbean Com- 
munity and Common Market 
(Caricom) producers to suffer 
a foreign exchange loss as 
dotoesUe currencies, tied to the 
XJ.S. dollar, moved upwards 
against European currencies,” 
the Bank reported. It was 
worsened for exporters by the 
fact that those who made sales 
on the world market suffered 
from the fall in prices from 
£310 per tonne in January of 
19S1 to £118 per tonne today. 

The Bank report identified 
other problems. ” Added to 
these price effects was a dedlne 


„> ft -smiitt. 


SMmm^ -art*. 
CtMlfc J 

CAtlhblBI 


in output ... as a result of a 
variety oi domestic factors, in- 
cluding disease and pests, 
labour difficulties, factory io- 
efficiences and adverse weather 
conditions.” The region’s sugar 
production last year fell below 
1980’s level by 8.7 per cent. 

Earnings from toe region’s 
other maor agricultural export, 
bananas, were also affected by 
the appreciation of toe U.S. 
dollar against sterling-denomi- 
nated prices to exporters. The 
industry has been attempting to 
recover from toe ravages of a 
burrjeane in the summer gf 
1980, in an effort to regain the 
United Kingdom market which 
has been taken over by fruit 
from Centra] America. Exports 
in the Windward Islands last 
year were still 12.4 per cent 
below 1979, and 66 per cent 
below 1979 in Jamaica. 

The decline In the inters 
national aluminium market has 
seriously affected bauxite 


mining and refining in Jamaica 
and Guyana, the region’s ore 
producers. Combined production 
of lS.4m tonnes of ore last year, 
for escample, was 4.1 per cent 
below 1980, but tbe industry 
will suffer further year as 
tbe aluminium market has been 
slow to improve. Several hun- 
dred workers have already been 
sacked from the Jamaica mines, 
and regional bauxite znlnlng is 
expected this year to fall about 
30 per cent below last year. 

The Bank reports that this 
sector is also being affected by 
”... internal factors such as 
shortages of skilled personnel 
and unreliable riectricity sup- 
plies." 

Almost all the islands in toe 
group depend heavily on 
tourism to riiore up their 
foreign earnings, but the travel 
trade has been suffering from 
what toe Bank reported was an 
“...overall weakness in de- 
mand ... attrihutabie mainly to 


' toe recession in industrial 
countries with demand from toe 
U.S, being more seriously 
affected than demand from 
Europe.*’ 

All these pnAlems are being 
reflected in ever widening trade 
and curreut account defidts— 
the notable exception being 
Tzjnidad and Tobago, whose 
economy is supported by petro- 
'eum exports. The economic 
bases of toe Commonwe^dth 
Caribbean countries are 
extremely narrow; in hard 
times, sucdi as now. toey have 
notiniig to faH back on. 

The cold comfort to be found 
in reports such as those of toe | 
Bank promises little reprieve ; 
for toe region’s 6m people. 
Problems such as unmnploy- 
aent. conservativtiy ^Qmated 
at 18 per ceni are likely to 
worsen. 

Many countries are being 
forced to borrow more, but this 
increases the burden of debt on 
already weak economies. Tlie 
problems are illustrated pain- 
fully by toe Jamaican economy 
which last year borrowed 
U.S.$S14m (£28^) but paid 
out 3437m to service its debts 
— and this after an agreement 
with several banks to re-^ance 
some loans. 

Tbe heads of government of 
the Caricom countries are 
expected to meet in toe next few 
months. The Caribbean Develop- 
ment Bank report and the pessi- 
mism which clouds all projeo 
tions for improved economies 
will make a depressing agenda. 


Hungary joins World Bank 
to step up export drive 


BY t3AVn> BUCHAN 

HUNGARY this week beemne 
the 143rd member country of 
the World Bank, enabling its 
companies for the first time to 
bid for toe contracts which tbe 
bank pats out to international 
tender each year. 

The Budapest Government 
has made clear that its main 
motive in joining .the bank has 
been to step up its export drive 
to the Third World, rather than, 
to borrow ^m the bank. 

Hungary is probably not 
digible to draw on toe bankfs 
resources, unlike the Interna- 
tional Monetary Fund which it 
joined in May and from which 
it hopes to borrow soon. 


World Bank borrowers have 
to be poor enough to have an 
income per capita of less than 
32.650 (£1.472) while, accord- 
ing to World Bank figures, Hun- 
gary had a GNP per head of 
some 33,850-— even in 1979. But 
World Bank projects are open 
only to compaiues ixvm bank, 
member countries. In X980 
World Bank contracts totalled ! 
33Bbn. I 

In its drive this year for more : 
meport earni n gs to sendee its I 
hl^ debt, Himgary has been ! 
pushing Britain, among other 
West fihiropean countries, to 
join it in veotures in the Third 
Worid. 


Agro-industry contract 


BY WALIBI ELUS IN AMFIRRDAM 


HVA Holland Agro Dadustiies, 
part of the International Konin- 
klijke Boskalis Westminster 
Group, has won a FI lOSm 
(£22m) contract to carry out 
toe first phase of an integrated 
poultry project south of IGiar- 
toum. the Sudanese capital. The 
contract was awarded by the 
Arab Sudanese Poultry Com- 
pany, a division of the Arab 
Authori^ for Agricultural* 
Investment and Development. 

Finance is being raised 


through the Algemene Ranv 
Nederland, with a guarantee 
from . ' toe - Nederlandsche 
Credietvmekering Maatsdiap- 
pii- 

- Phase one of toe project ~dne 
to start in September, wUl in- 
volve construction- of all build- 
ings and infrastructure to!bring 
about an annual production of 
nearly 11m eggs and 2m pro- 
cessed broiler chickens. When 
the project is completed, toe 
annual prodoction rate should 
be 43m eggs and 6m broilers. 


and Deputy Leader of the 
Liberal Party. 

The anti-tariff, lobt^p claims 
that Australia'^ comparatiTely 
hig h inflation rate is. in part, a 
direct result of trade barriers. 

In Canberra, the lAC report 
was considered by the Cabinet 
on Tuesdaj', but has been re- 
ferred hade to an interdepart- 
mental committee. One of the 
proposals being considered by 
the Government is for the abpit- 
tion of export incentives, minor 
cuts in tariff leveK and an 
accelerated depredation allow- 
ance. 

The lAC report is understood 
to have proposed reducing .ill 
tariffs by 35 per cent over 10 
yem. 

Duidop wins 
£60m deal 
from Boeing 

By MidiMl Penne. 

Aerospace Cecrespontfent 

DUNLOP AVEATTON Dirision 
of Coventry has won .i £60m 
contract to supply structural 
carbon brakes and main 
wheels for 100 of the new 
Bming 757 twrin-engined jet 

• airlinera. 

An option to supply wheels and 
br^es for another 200 
Boeing 7STs has also been 
awarded by Boeing, which 
could raise toe value of toe 
deal for Dunlop to about 
£200m. 

Boeing’s own forecasts of. even- 
I tual sales of tite 75? aircraft 
j over tbe next 10 to 15 years is 
for over 1.000 aircraft Dunlop 
, stands a {mod chance of wm- 
I wing a substantial part of 
toese further orders. 

, Dunlop won the order in the 
I face of fierce compotitton 
from U.S. brake manufac- 
turers. including Bendix, 
Goodyear and Goodrich. 

One ofthe factors clinching the 
deal was a decision by Delt.i 
Air Lines of the U.S. to 
specif the Dunlop wheels 
and brakes on the 60 Boeing 
757 aircraft it has on order, 
repladng existing steel 
bntoes. 

As a result of the order. Dun- 
lop win spend at least £7ra 
on new plant investment at 
its Coventry factory, where 
about 1,800 are employed. 
The order, will safeguard 
employment at toe factory. 
This has encouraged the con- 
venors of the unions at toe 
factory to sign a document 
stating that they wdll use 
their "best endeavours” to 
ensure toe maxitnum 
co-operation with manage- 
ment in industrial relations. 
Carbon brakes are not only 
lighter than steel, hut also 
have a longer life, while main- 
tenance costs are also 
reduced. 

Dunlop already has a £10m 
contract to supply tyres for 
toe main wheels on the 
Boeing 757, and expects to 
win further tyre orders. 
&itain Is already w^ repre- 
sented on toe 757. since seven 
out of the eight airlines which 
have ordered the aircraft so 
far have specified the Rolls- 
Royce RB-211 Dash 535 engine 
for' it, indnding Bri&h Air- 

• ways, Monarto and Afr 
Europe of toe- UK. 

•- Boeing is making a bid for 
sales for toe larger of its two 
new jet airiiners, the 767. 
The 767, in toe colours, of 
United, a U.S. airline which 
has ordered 39'of toe airci^t, 
4s on a sales demonstration 
tour of parts of Europe, 

. North Africa and the Middle 
East 

Boeing feels that it still stands 
.a chant^ of winning some 
mcnic -ordm on this side of 
the Atlantic— so far only 
Britannia of- the UK. 
Braathens of Norway and El 
. A1 of Israel hwve ordered the 
767 in. Europe and toe MWdlg 
East 


How Peter Rees changed from promotion to diplomacy 


BY PAUL CHSSBUGHT, WOMS TRADE EDITOR 


U.S. DECISIONS first to place 
preliminary countervailing 
duties on steel iproducts from 
European cumpacies and second 
to :mpose a ban on the use of 
.'\njerican technology for the 
S:bcrl.i-M*cst Europe gas pipe- 
line have noi only brought U.S.- 
£EC relations to a new. low ebb. 

'Tliey have also coincided with 
other developments, the sum of 
which has thrust Mr Peter Rees 
into an unusual position of 
prominence for a British 
Minister of Trade. 

The Minister for Trade 
usually spends much of bis time 
on export promotion, not a task 
designed to nrovide maximum 
exposure. The best usually 
hoped for is the return to 
London from an overseas trip 
grrspinc a niece of paper with 
a new contract on it. 

And the egntmets are not 
usii.illy the or the most 

gIamaror..e. riffirial announco- 
menN nr inn-?? seemed reser\’«d 
for Prime Ministers or Secre- 
t;.rio5 cf State. 

But the Cabinet reshuffle last 
April changed the rules of the 
game. Lord Cockfield became 
Trade Secretary, succeeding Mr 
John Bificn, This meant toe 
emergence of Mr Rees as the 
torch bearer for toe Department 
in toe Commons apd the 


passage over his desk of much 
work be would not otoMwise 
have seen. 

Then, over the past month, 
increasingly tetchy commercial 
relations with the U.S. have 
turned into smnetoing not far 
short of crisis. Mr Rees has 
changed from export promoter 
to trade diplomat. 

It has been a convenient role 
to play for the Sfi-yeaiNold tax 
lawyer whose reputation in the 
Conservative Party has been 
based hitherto on Treasury 
affairs. There can be few better 
roles to play toan toe fierce 
defender of British interests 
against tbe insensitive mi^t of 
a superpower. 

With that, toere is toe added 
bonus that the steel and pipeldne 
issues have an EEC dimensioii, 
thus chiming ia with another 
clement of Government poH^. 
Resistance to toe U.S.’s pipe- 
line policy can probably only be 
effective in the long run if the 
European interests stick 
together. On steel, the European 
Commission is the negotiator 
anjway. 

By ^ance, Mr Rees was toe 
first EEC Trade Minister to visit ' 
Washington after the pipeline 
decision in the middle of last 
mooto. And the impression be 
brought back of future UJ5. 
actions is one of uncertainty, it 
appears. 


” There are differing percep- 
tions from different areas of the 
Administration." he said iu an 
interview. ” This was toe back- 
ground of Mr Haig's resignation 
as Secretary of State. U.S. 
debates are less internal than hi 
some other countries. You don’t 
necessarily get a uniform 
perception of the problem." 

'The problem for both the 
UK Government and toe EEC 
more generally is bow far the 
Reagan Administration will go 
in enforcing the ban on the 
provision of U.S. technology for 
toe pipeline, without which 
European companies cannot 
complete contracts already 
signed wnthont running toe risk 
of falling foul of U.S. law. 

As far as steel is concerned, 
toe problem is finding a way 
of reducing the anxieties of the 
U.5. steel companies so that the 
cases which hare so far pro- 
duced countervailing duties 
against imports on a pre- 
liminary determination, of up 
to 40 per cent in the case of 
British Steel, may be dn^ped 
altogether. There may be a deal 
which could be patched 
together to keep the trade flow- 
ing. 

The.UiS. is under pressure 
to back offL “It’s quite clear 
that we should persist in 
vigorous opposition, although I 


don’t want to overstate the 
room for manoeuvre toe U.S. 
Administration ^ left itself," 
said Mr Rees. 

The seriousness of the issues 
has been magnified by the fact 
that a whole series of disputes 
are running together and 
coalescing. It is not only a 
question of steel and toe pipe- 
line, but the running aiguments 
over agriculture, future liberali- 
sation of toe world trading 
system, toe aftermath of the 
row on fixed-term export 
finance, all welded on top of 
different conceptions about 
East-West trade and differing 
approaches to bringing the 
world economy out of recession. 

But trade*o£fe of one issue 
against another seem unlikely. 
Different interests are involved 
in each case. This means 
that toe issues have to be 
disentangled and treated 
seperately. 

Tbe pipeline is, said Mr 
Rees, “ an issue of considerable 
delicacy because Resident 
Reagan has stated his view in 
public; In no country will a 
political leader alter funda- 
mentally a puhlicly-stated 
view.” 

But perhaps President 
Reagan did not know, did not 
understand what he was start- 


ing when he sought to extend 
sanctions against the Soviet 
UnloQ. 

“There is a growing realisa- 
tion in Washington that there 
are some unattractive side- 
effects of the position that hya 
been taken up, that European 
countries may not be dutppsgd 
to accept unquestioningiy the 
firm lead the U.S. Administra- 
tion has attempted to give,” Mr 
Rees noted. 

This suggests that toere 
might be some flexibility in the 
application of sanctions. But 
how much is not clear. The 
British Government has invoked 
tbe Protection of Tznding 
Interests Act and could now, if 
it wished, prohibit John Brown 
Engineering of Clydeside ITOm 
meeting the U.S. requirements. 

This would mean tiiat John 
Brown could despatch to the 
Soviet Union turbines it is com- 
pleting as part of its £104m 
order, and have toe protection 
of the Government But Mr 
Lionel Olmer, the U.S. Under 
Secretary of Commerce, has 
hinted that If it did, it conid, as 
is proper under American law 
be blacklisted in the UB. 

So there is a fine calculation 
about bow far to pr^ the oppo- 
sition. 

If other European Govern- 


ments also took steps .to 
protect toeir eompeniefr— and 
toe French Government before 
has defied U.S. boycott policies 
— then it is an open question 
whether toe Reag ap Adn^s- 
tration would find it wortor 
while to blaeklirt a large range 
of foreign enterprises. 

UK action, however, is not 
dependent on what other -'coun- 
tries do. Having afready used 
the Protection of Interest Act 
..to that UB. actions are 

against toe oationag interest, 
the tonist of its oppomtion 
would he lost if . it did net 
follow through quickly. . - 

TTie steel issue is of a 
different quality. 

'Ae main question is maricet 
access for British Steel. The 
Government is faced wito 
contesting a U.S. defisStion of 
subsidy and arguing it tbro»8h 
tbe General Agreement oh 
Tariff and Trade in Geneva to 
an agreed resolution, dr 
encouraging the patching up of • 
a deal,, involving, inevitabhr, 
quotas. 

Final determinations on the 
countervailing duties and later 
on anti-dumping duties are not' 
expected until later this year. • 
Murii of this is in the hands 
of tbe European Commission 
“which should act urgent^*,” 



feter flinist Into primilne&ce ' 


fifr Rees said. But the 'Conimis. 
^6 actions wIU be dictattd 
by the .way. toe EEC hargv 
iogether on "the Issue. So far 
it has. 

Negotiations on quotas have 
been taWng place ^asmodically 


Q"®tas are'ai^ihst 
tne-.W(^ t^nnan philosophy on 
these matters. But if steel pipes 
and tutes are to be 
a. nutter of contention, then 
the Gennan. interest is veiy 
much Ihv^lvftd. 


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■ Financial Times- Thursday July 8 1983 


UK NEWS 




1 Gas and 

„ , . ,j plans 

S to hold switch 


Electra House starts USM fand 



talks 


to coal 


BY RAY DA?TtR, ENERGY EDITOR 


BRITISH GAS CORPORATION 
officials are due to hold tal^ 
today with a North Sea explora- 
tion consortium in a bid to 
secure fresh natural gas 
supplies. 

The talks Viill be part of a 
EriUsh Gas cnmpai.^ to initiate 
the development of several new 
offshore discoveries. It is under- 
stood that the corporation has 
had discussions with the opera- 
tors of at least six North Spa. 
fields in the hope of preventing 
a shortfall in the 19P0. 

Today’s talks arc expected to 
involve a consortium led by 
Phillips Petroleum, operator of 
the Audrey sas 6eld in the 
southern sector of the North 
Sea. The field, -in block 49/11,' 
■was disco^•e^ed in 1976. when 
gas Sowed at rates up to ISm 
cu fl a day. 

The discover}.' which extends 
into concessions operated by 
Conoco, has not been exploited 
so far. That is because tlie 
companies involved have been 
dissatisfied with prices operated 
by British Gas. 

But now. The corporation has 
told Philiip.s and other 
operators of unexploited 
southern cas fields that it 
would be willing to pay betw-een 
lOp und 20p a therm, many 
times the price onc-e offered. 

On this basis, Phillips and its 
partners may well decide to 
apply for 'Government develop- 
ment con.scnt later this year. 
It is likely lh:it Iho .\udrey 
Field will be CMnioited through 
a single steel produciion plat- 
form and a series of underu'ater 
■w'ell systems. It is also possible 
that the Phillip.s group's neigh- 
bourins Ann field — a smaller 
pas discover}'— ^ouid be United 
to the production system. 

The gn<; is' expected to be 
transported ashore through 
exisilag pipelines, probably 
Conoco’s Viking link or 


Phillips’s own Hewett network. 

British Gas is known to have 
made known its willlngneas to 
buy gsis from several ocher 
field development schemes now 
being considered,' including 
Sheli/Esso's Fulmar field. Total/ 
EITs North Alwyn discovery, 
Shell/Esso’s South East 
Indefatigable reser\'es, a com- 
plex of small gas reservoirs 
around Conoco's Viking field 
and Hamilton Brothers' dis - 1 
.coveries in quadrant 43 of the , 
North Sea. I 

In adtUtion, British Gas is 
watching developrneats on 
SheU/Es.so's block 29/5, some 
155 miles east of .Aberdeen — the 
scene of a recent “encouraging” 
natural gas discovery. 

The present round of dis- 
cussions is, in part, a sequel 
to a letter sent in 1980 to com- 
panies' with interests in North 
Sea gas discoveries. It pointed 
out that, following a hiatus 
in ga.«: field developments — the 
last IJK gas field to he brou^t 
on stream was in 197^-British 
Gas was wHHng to stimulate 
fresh production activity. 

$ Mr Boh Lintott, executive 
marketing director of Esso 
Petro\euii\, warned yesterday 
that high ta.Yation was threaten- 
ing North Sea development and 
the UK's ability to remain self- 
sufficient in oil. 

. Eie\'en possible North Sea 
field development projects were 
now under consideration, he 
pointed out. If a significant 
number of these projects were 
shelved, betvi'een 80,000 and 
S5.000 jobs could be put at 
risk. 

“'We still do not have an 
economic environment con- 
ducive to the development of 
the medium and small nil fields 
upon which our continuing seif- 
sufficiency must be based,” he 
tdld an invited audience in 
Colchester. 


By Maurice Samuelsen 
C0URTAULO5. the textile 
concern, is plannidg ^ to 
return to coal for o growing 
proportion of Its energy 
raipiir epi ents, currently cost- 
ing it £80m a year. 

Several large investments 

in converting plant to coal 
from oil or gas arc either 
awaiting autborlsation or are 
in various stages of technical 
preparation, says Mr Eric 
Jones, the gronp's energy 
coordinator. 

If th^ go ahead, they will 
partly help to offset the steep 
fall in Courtaalds* coal bum 
caused by the group’s severe 
contraction over the past 
five years, Incloding the 
closure of Its main coal hum- 
iug works at Preston. Lancs. 

Investments being studied 
include: 

• £6.6m at the Greenfields 
North Wales viscose staple 
fibre plant It is for converting 
an 80/KIQ Ib/hnur oU boiler to 
coal and the installation of 
two sew coal fired boilers 
rated at 85.000 lb of steam an 
hour. A 25 per cent Depart- 
ment of Industry grant has 
been requested. Under the 
Government's boiler conver- 
sion assistance scheme. 

• A similar scale project at 
the British Cellophane plant 
at Bridgewaler, Somerset, to 
convert a large 230.000 Ib/hr 
boiler and a new coal boiler 
to replace several gas 
burners. Technical stndies are 
expected to take another 
month. 

• £365,000 aothorised' for 
three new 16,000 bl/hr boilers 
to substitute coal for oil at 
Hyde, near Manchester; 

• £327,000, which still awaits 
the Conrtanlds board*s 
approval, to replace oil burn- 
ing boilers at a Nottingham 
plant; 

• Several other smaller pro- 
jects still In their early 


UKF FerMlisers plans 
£10m Merseyside plant 


BY RAY DAFTER 

UKF FERTILISERS, a Dutch- 
based chemical compan.v, is 
planning to spend £l0m on the 
dcvelopmont of iis manufactur- 
ing complex ar Ince. Cheshire. 

The company is to .seek parent 
company approval to replace 
the existins ummoniutn nitrate 
plant wiih a miivn l.irser unit 
capable of producin'^ l.SOn 
tonnes n day of nltrocon for- 
.tiliscr. The final decision Is ex- 
pevped in September. 

UKF. owned by DSM. the' 
stnic-ewnod Dntoii chemical 
group, h.is invested over £40m 
In the UK during ilie na^t five 
years. Mr IVillem van .\sseit. 
nunaging diroeinr rf UKF Flm*- 
tilisei^, said that ihe proposed 
development dcmnnsiraied the 
company's confidence in the 
Merseyside cample*;. 

The proposed plant is lo he 
equipped with puihsliou abate- 
mont I’^uinraoni which, says 
UKF. should virtually climiiuite 
fumes wiiii'h h.nvo ciiaracierised 
the ra.riici' cc-neralion of 
ammonium niiraiv planls. 

The vnmpany aiided Ihat the 
plant would lie pnsiiinned near 


the centre of the Ince complex 
lo make as much use as possible 
of existing services. It is 
expected that construction vdU 
begin in 1983. 

Last year UKF completed a 
£28m expansion programme, 
including a new nitric acid 
plant at Ince. 

O BP Chemicals Is to go ahead 
with a £3m study Into the con- 
struction of a new polyethylene 
plant. The company, which is 
involved 'm a major reorganisa- 
lian--and some reduction — of its 
UK chemicals business, plans to 
build the 100.000 tonnes-a-year 
plant at BP Chimie’s Lavera 
complex In France. 

The BP Chemicals group said 
yesterday that it planned to 
complete the engineering design 
.ind detailed project evaluation 
Iwfore the end of 1982. Along- 
side the proposal, the company 
was also examining its high 
dcnsit}' polyethylene capability 
.'ll Grangemouth with a view to 
jncro.ising product handling 
facilities from 130,000 to 150,000 
tonnes a year. 


Comparison of living costs 


BY JAMES McDonald 

A BRITISH coiup;in;-' thinking 
of seinni: up an nperaiion in 
Swii7.criand umild have to 
reckon on pa>iiV;; a .sales- 
m.TnasiT S'J'.Oim vt»jr, com- 
pared witli i'rj.onn for .i sales 
man.s-vr wnrhins in Britain. 
s.Tvs .1 CiiiU'edcTaiinri of Brifisli 
Industiy Miwc.v published yos- 
:crd.t; . 

In Puriuual. «m the other 
li.Tnd. a Ilian, -iciT could 

expi/ct a salary uf Icsi than 
iS.UlMl. S. 1 . 1 S til'.’ 'iuncy. which 
compurr.'s liviuc '.■Msr.s in W'c.sl 
Kuropenn emnuru'.^ 

In Ircl.Tnri aiui a.ili*.'* 

mniia'^rr--* .■'.il iMas^ ..rc rou"hly 



the same as in Britain, and in 
Spain and Denmark they stand 
at ahoiu £in.Q0O. 

Oifforenccs in real income 
may he less dramatic when 
prices, Ihe cost of living and 
tuxe.s abroad are taken into 
aocuuni. All other countries in 
the survey paid more than in 
Britain — Norway and Holland 
£N.nu0, Finland £16,000. West 
Gonnany, Bolgiuoi and Sweden 
£19,000, Austria and Italy 
£21.000. and Franco £22,000— 
hui their living costs are higher, 
says the report. 

Fi.ir c.vample, a three<ourse 
buiEmL'Ss dinner for four with 
vint.’iuo wine and tax could co.<si 
Jh little a.-i £62 in Lisbon but 
up to £132 in Stnckhnlm. A 
similjr iiieal in London would 
cost almiit £95. 

A term's primary school 
cducaiton (or an e^atnate's 
clnld could cost £580 in Holland 
iiut only nbinit £150 in Denmark. 
“ U'e.-Jt European Living Co/tts 
I9SH." CBl Publication Saiea, 
Centre Point, 10.3. ,N«r Oxjord 
Street. London U'CI, £12. 


wbank 
htsi 


"Ipfthat 

'toy 

jeaUy 
fhelast 
Mths! 




At the Courtanlds-owned 
knitwear plaiti at Mansfield. 
Notts, £60.000 has already 
been spent on a 6,000 Ib/hr 
coal boiler to replace oil. 

Of Coortaolds* £80in a year 
fuel bill, electricity and oil 
corrently account for a third 
each, with steam, gas and 
coal talung the remaining 
third. 

The company also claims to 
have been cutting itt energy 
bills by some £15m a year 
since 1976 when the energy 
crisis forced it to set up a 
Central energy coHirdinating 
department. 

Some Of these economies 
have aimed at cutting rather 
than increasing coal consomp- 
tion. At Grimsby, for esampie, 
a Couztaulds plant Is burning 

40.000 tonnes of processed 
urban w'aste mixed with coaL 
This Mill eventually reduce 
its coal consumption by 

20.000 tonnes a year. 

Fewer advert 
complaints 

C03IPLAJNTS to the Adver- 
tising Standards Aotiiority 
fell to 6,145 in 1981. There 
■were a record 6,533 com- 
plaints in 1980. 

The ASA’S annual report 
shows that fewer than a third 
of the complaints irere 
followed up, mainly because 
many were duplicates or were 
outside the ASA's remit 

Ferodo axes 
150 jobs 

ABOUT ISO workers are to 
be made redundant tomor- 
row at Ferodo, the vehicle 
brake and clutch lining manu- 
lactnrer. 

About 100 jobs are to go 
at the company's Chapel en le 
j Frith, Derbyshire. bead- 

I quarters; the rest at the 

I Caemairon factory. 

I Monty papers 

THE D(.\RIES, private 
papers and letters of Field- 
HarshaU Viscount Mont- 

gomeiy of Alamein have been 
given to the Imperial War 
Musenm in London by the 
International Thomson 

Organisation. 

The occasional “Monty 
letter" that find.s its way to 
auction usnally fetches about 
£300. 

The collection, which fills 
12 outsize deed boxes was 
banded over by Sir Denis 
Hamilton, a wartime friend 
who has Just retired as editor- 
in-chief of Times Newspapers. 

Changes afoot 

£lm footbridge may 
pventnally replace the 
Henfrew chain Ferry across 
the Gyde. The ferry is 
famous in many Clydeside 
humorous stories, but it is 
losing £300.000 a year and 
Strathclyde’s hightvays and 
transportation committee 
wants to qnickly cot the 
losses* 

Mr IVlillam Me.llonaii, 
roads director, said an 
alternative (o passenger 
launches would be to replace 
the ferry — it crosses abont 
300 yards of water— u-iih a 
footbridge. 

Cricket match 

THE annual cricket match 
between the London Stock 
Exchange and Lloyd's of 
London (Insuranco) will be 
held at the .Artillery Gronnd. 
Arraour>' House, Qty Road, 
on Tuesday July — 'toon. 


BY ROSEMARY BURR 

ELECTRA HOUSE, the invert- 
ment-management group, is 
launching the first fund for in- 
stitutional investors to enter 
the Unlisted Securities MariceL 

Mr Field Walton, invostmeni 
manager of Electra House Un- 
listed ^curities Exempt Fund, 
said the mala interest in it w*as 
likely to come from medium— 
and small-sised pension funds, 
particularly those independently 
managed. 

The fund’s main aim is to 
invest in the Unlisted Sccunti« 
Market (USMi. The maaagers 
have the power, however, to 
put funds into companies plan- 
ning an “early entrj*” to the 
USM. Holdings in such un- 
quoted stocks will be restricted 
to 5 per cent oi the fund’s value. 

Mr Walton said that in chooo- 
Ing shares Electra House would 


orient towards high tedinolo^, 
computers and manufacturing 
companies with relatively small 
capitalisations. 

The USM comprises abont 100 
stocks with a combined capita- 
lisation of about £1.15bn. It 
has been erititised over the 
doubtful quality some of 
these. 

f Mr Walton said timt more re- 
cently companies cop in g to the 
market were of better quality. 
He stressed that the fund 
would support w6il-tri^ toao- 
agemmit. 

Pensien-fUnd managers tradi- 
tionally shy dear of unquoted 
stocks. Mr Walton beHeves a 
similar caution exists towards 
the USM. 

It is expected that the fund 
will be between £lm and £2m 
when laundied. It will eonqile- 


ment the group’s Electra Small 
Companies . Funds. Sei up in 
July 1977 these funds have 
grown from £4.2ni to ^.5m. 
Professor Roland Smith, ^air- 
man of House of FsQser and 
Temple Bar Investment Trust, 
part of the Electra Group, will 
head the five^nan panel advis- 
ing the fund. Mr John Bolton, 
fonner chairman of the Com- 
mittee of Inquiry on Small 
Firms, Is also on the panel. 

At present Electra has no 
Idaus to launch a simitar fund 
aimed at private investors and 
insurance companies- If the 
exempt fund proves popular, 
the group will consider setting 
up an offshore fund investing in 
the USM and obtaining a public 
quotation. 

The initial reaction to 
Britannia Unlisted Securities 


Market Fund, the first open- 
ended fund investing in the 
USM, has been lukew^. U 
was set up last October by 
Britannia Group, one of the 
largest unit-trust concerns. 

Britannia fund-manager Mr 
Ian Forsyth said fear about the 
volatility of stocks and their 
lack of • marketabilily had 
resulted in the USM not getting 
the attenfimi It should. 

Since its launch the abar^ 
price of Britannia’s Unlisted 
Securities Market F^ind has 
increased by 19.5 per cent, 
which is m-irsinally better than 
The FT Ordinars” Index over ihe 
same period. 

Mr Forsjth said the name 
USM was a disadvantage. 
“People should think of it as 
a market is small emerging 
companies 


Car industry calls for changes in HP rules 


BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 

THE UK motor industiy last ■ ■ - — — 

night called for “a modest 
adjustment” to hire purdiaae 

regulations which, it claims, 

j would boost new car sales by 1962 

! between 40.000 and 80,000 in a Total UK produced 44,119 

I full year and stimulate Total Imports <3,4N 

' very deiwessed second-hand Total market lfi^*41] 

market.” I^rd 30,43' 

The plea to the Government ^ 21JM' 

followed publication of statistics General Meter* — 
showing tiiat duriug ttie first air 
months of tills year new car ®P** 
sales fell by 2 per cent compared 
with the same half of 198L 
Mr George Turnbull, presi- Peugeot Creu^ 
dent of the Society of Motor Talbot * 3.9X 

Manufacturers and Traders. Citroen l,49i 

commented: "This result is _**?*^"* 

very disappointing as the mar- Total Peugeot 4j43 

ket was expected to grow. . VAG (VW-Audl) 7,28; 

"Apart from the exceptional Tysi 

result in 1979, Britain’s new ear 

market baa never again reached Volvo 3 48: 

the level of 1973 Iwhen it was ptn Auto v|ir 

l.fiSra'i. In December that year 

new hire purriiase restrictions 

were introduced at a discrimina- — — — — — 
tory level compared with all 

other products and these still now been adjusted downward 
apply. The, motor industry and sales are expected to 
needs a growth market If it is main at last year’s level — 
to ^ain its international com- 1.48m. 
petitiveness.” ' Hi ghly aggressive marketing 

The society wants the mini- tactics' adopted tiie manufae- 
mum deposit on ears cut from turers have help^ buoy up the 
Que-ihird to one-fifth and the market so far year. Ri June, 
repayment period extended for example, the society’s figures 
from two to three years. Mr show registrations vp by 3BS 
Turnbull said tiiat about one per cent to 109.617 compared 
quarter of all new ears are sub- with the same fflonfti a year 
ject to hire purdiase agree- ago. > 

ments. The year started badly 

The society forecast in for the car companies, partly 
January that registrations for because of the very severe 
this year would rise to between weather. As a result the idx- 
1.52m and 1.55m, but titis has month total was 781,881 com- 


UK CAR REGISTRATIONS 
June 


Six months to end of June 


Total UK produced 
Total Imports 
Total market 

1982 

44,119 

43A» 

109,617 

% 

A2JBf 

STS% 

100.00 

1981 

45,864 

60,223 

I06JI87 

% 

4373 

54.77 

lOOJW 

1982 

330,609 

451772 

781781 

% 

4278 

57.72 

loaoo 

1981 

368.119 

429718 

797.937 

/e 

46.13 

5377 

100.00 

ford 

BL 

General Motors ~ 
Vamdnfi 
Opel 

Other GM 
Total GM 

30,631 

21JI61 

12,508 

291 

23 

12A22 

27.94 

19J1 

11A0 

11.70 

33J76 

16,590 

M34 

1,400 

84 

lojia 

31A4 

15A4 

872 

9.73 

234.932 

141703 

88741 

4707 

203 

93751 

3075 

1878 

1179 

11.93 

242,997 

1S9700 

58702 

11.690 

377 

70769 

3075 

19.96 

779 

871 

Peugeot Greu|^ 







41.671 

572 

Talbot 

* 3.933 

3J8 

4,586 

472 

28,904 

379 

Citroen 
Peugeot 
Total Peugeot 

1,695 

\Ji\\ 

6,639 

6A6. 

1,639 

1,334 

7,559 

7.13- 

12,724 

10705 

51733 

670 

73.904 
9729 

64.904 

8.13 

VAG (VW-Aiidl) 

7,281 

A64 

6,122 

5.77 

46742 

573 

41,148 

5.16 

Datam 

6,758 

AH 

5,788 

5A6 

44725 

576 

50,027 

A27 

Renault- 

6>13 

576 

5,126 

473 

36,115 

472 

39707 

479 

Volvo 

3,483 

3.18 

4J)49 

372 

26.055 

373 

22703 

%81 

Rat Auto 

3432 

2JO 

4,948 

476 

25774 

371 

29.493 

3.72 


Source: Sodaty ef Motor MonutseturarM antf Tradora 


pared with 797,937 for the first 
half of 1981. 

Neither Ford nor BL will be 
particularly satisfied with the 
first six months. Ford wanted a 
32 per cent market share but 
has had to make do with just 
over SO per cent BL’s target is 
at least 20 per cent but its share 
was dragging along at Just ovdr 
18 per cent at the half-vrey 
stage. 

The two other UK-based 
manufactorers had starkly con- 
trasting experiences. Talbot UK 
saw its market share slide 
steeply firom 5.22 per cent to 
3.69 per cent Vauxhall, on the 


other hand, pushed up its 
penetration from 7.29 to 11.29 
per cent against its target for 
the year of 11 per cent Vaux- 
hall's Cavalier has been tiie 
major factor in this success. 

Before the Government con- 
sidered any action to stimulate 
new car sales it would want to 
be sure that this did not merely 
increase imports. In the first 
six months the imported content 
of total sales Bumped from SS.9 
to 57.72 per cent About half of 
all the new Fords. Vauxhalls 
and Talbots registered in 
Britain during that period were 
imported from the Continent 


!&\boliti6a of duty-free sales 
‘would raise air fares’ 

BY MICHAEL DONNE, AEROSPACE CORRESPONDB4T i 


BRITAIN could lose business 
worth £100m, and air fares 
would rise substantially, if the 
EEC presses ahead with a plan 
to abolish the sale of duty-free 
goods to air and sea travellers 
between Common Market coun- 
tries. 

Mr Norman Payne, chairman 
of the British Airjmrts 
Authority, told Members of the 
European Parliament In Stras- 
bourg yesterday that such a ban 
might also severely hit employ- 
ment at airports and seaports. 

Millions of travellers by road 
between Common Market coun- 
tries do not enjoy duty-free 
goods sales. The EEC says it is 
therefore unfair for air and sea 
travellers to do so. 

Mr Payne told the MEW that 
some 11m people who flew be- 
tween Britain and the Common 
Market countries every year 
would be affected. 

”It would beoe/it uobody and 


harm many,” be said. The in- 
evitable result would be a 
“sharp increase” in the cost 
of air travel. 

Because the BAA, with some , 
of the biggert airports m the ' 
world under its control (indud- 
Heathrow and Gatwtek), ' 
earns a substantial revenue i 
from duty-free sales, it would be 
particularly severely bit If ihe 
EEC plan were implmnented. I 

In the financial year to the 
end of March 1981, the BAA’s 
revenues from ** commercial 
activities” ini^ding duty-free 
sales, amounted to nearly 
£102m of total revenues of 
£254m. 

Loss of all or part of those 
sales, 'wtRild result in tiie BA 
having to raise fees such as 
landing and aircraft parking 
charges. The airlines were 
likely to pass these on to tbeir 
passengers in higher fares. 


Sir Keith Williamson to 
become Chief of Air Staff 

BY BRIDGET BLOOM, OmcE CORRESPONDENT 


Am CHIEF MARSHALL Sir 
Keith Williamson has been 
appointed Cbief of Air Staff 
from October 15, the Ministry 
of Defence announced yester- 
day. 

Sir E^th succeeds Sir 
Michael Beetbam. who was 
appointed in 1977. 

The RAF appointment is one 
of a series of dianges in per- 
sonnel at the top of Britain’s 
militaiy strncture. It was 
announce last week that 
Grtierai Sir Edwin BnmaU 
would become the new Chief of 
Defence Staff in October, in 
succession to Sir. Terence 
LewiA while General Sir John 
Stanier is to replace Sir Edwin 
as Chief of General Staff. 

The appointment of Admiral 
^ John Fiddbouse as First 
Sea Lord, to take over from 


Admiral Sir Henry Leach, is 
expected shortly. 

Announcement of the appoint- 
ments has been held up by the 
Falklands conflict. 

Therp are no surprises so 
far, althou^ there was believed 
to have been considerable 
internal argument a few montiis 
a^ over who should b^me 
First Sea Lord. It is thought 
Sir John Fieldbouse’s critical 
role as Commander-indiief 
Fleet during the Falkl^ds 
crisis has dinebed his appoint- 
ment. 

Sir Keith Williamson joined 
the RAF in 1945 and has held 
a wide range of appointments. 
He is Air Officer.’ Commanding- 
In-Ghief Strike Command, which 
carries with it the Nato appoint- 
ment of C-in-C UK Air Forces. 


£400,000 
sought from 
Hedderwick 
partnership 

By John Moore, 

City Correspondent 

the liquidator of Heddo^ 
wick Stirling Grumbar. Ihc 
collapsed stockbrokmg firm, is 
seekins £400,000 trom the 22 
xnau partnerahip to meet oui- 

standing debts, . 

Hedderwick was hammered 
oa the London Stock Exchaoue 
in nud-ApriI last year when Us 
hanker. National Wwimluster, 
refused to handle cheque* to 
cover its gilt dealing for the 
day. Gross debts of the firm 
have been cstimaied at £fam. 

Mr Marlin Ficiler. llquidotor 
of Ihc firm, the Stock Exchange s 
official .issitsnee. has so far paid 
out 80p in the £ to rhe creditors. 

No deadline has been given 
by Mr Fidler to the partnership 
lor payment. 

On other fronts in the Hed- 
derwick Uquidation. Mr Fidlcr 
is still seeking payment fr^ 
QuIUcr Goodisort, the stock, 
broking firm headed by 
Stock Exchange chairman. Sir 
Nicholas Goodi^n. 

Lawyers for Hedderwick and 
Quilter have been in discussion 
for months over whether Quil- 
ter had any liability to make a 
consideration for the private 
client business of Hedderwick 
which it largely took over whoa 
ihe firm coUapsed. .Discussions 
arc still continuing. . 

In a maae of litigation fallow- 
ing the collapse, the Liquidator 
is suing auditors Ernst and 
Whiohey and Manchester gilts 
dealer Farrington Stead. Hr 
Fidler is trying to recover debts 
said to total more than £l.Sm 
I owed by Farrington. 

Sted 

merger 

likely 

By Ian Rodger 

BRITISH STEEL Corporation 
and Johnson and Firth Brown 
may reach agreement soon to 
merge and rationalise their 
troubled press-Iorgbfig opera-. 
tiODS in Sheffield. But BSC 
officials were cautious about the 
prospects for agreement And 
JFB declined lo comment. 

Mr Ian MacGregor, chairmaQ 
of BSC, told iron and sto^ trade 
union leaders yesterday that dis- 
cussions were under way. Union 
leaders said their impression 
was that there would be a 
merger, plant closures and job 
losses. 

Pressure for a merger- has 
been buildio^ since a iQ-year 
market • shoring agreement 
, between BSC and JFB expired 
last April Under it. JFB pro- 
duced all forgings made from 
ingots under 75 tonnes aod 
concentrated on highly stressed 
aircraft component.^, such as 
engine shafts and under- 
carriages 

BSC’s larger River Don works 
took all the forgings made from 
ingots above 75 tonnes for such 
things as ship stern frames. 

For most of the 10 j-ears. the 
deal has been satisfactory for 
JFB, but less so for BSC. But 
tile recent collapse of aerospace 
orders has hit JFB very haiti. 

Both ccunpanies have substan- 
tial excess capacity and fear 
that competition could become 
very destructive now that the 
Mc^ment has lapsed. If nego- 
tiated, a merger would make it 
e^ier to cut capacity. 

Furthermore, tbe Government 
would be delisted if BSC sold 
off another sector of its activity 
The mam obstacles to an 
agreement are the financial 
weakness of both companies and 
the difficulty of attracting new 
private investment 


Mark Webster talks to the head of a £3.3m enterprise that aims to boost exports 

Garden tractor company’s path to success 


STIRLING MOSSused to rae on 
a Westwood lawomower. The 
Plymouth-based company sup- 
plied him with a special 'custom- 
built mower— complete with 
racing trim — nllow’ing tbe 
former motor racing champion 
to taurUe round a field in what 
has since become a popular 
sport. 

It was one of the more un- 
usual requests whidh Gerry 
Hazlewood. raanagiug (tirector 
of Westwood, the garden equip- 
ment makers, received. But be 
handled it with the same qolet 
ease which makes him. as head 
of his own rapidly expanding 
business, a most unusual man. 

Full of bonhomie and curious 
home-spun philosonhy. Gerry 
I Hazlewood has built his buri- 
' ness up from scratch over tbe 
I last decade to a turnover which 
' should touch £4.^ this year. 

Yet at 43. he professes scant 
regard for money, refuses to 
raise the price of his products 
although everyone in the busi- 
ness says be could and 
thoroughly enjoys scavengioK 
the auction rooms for good 
second-hand machine tools for 
his plant. 

Mr Hazlewood loves a bar- 
gain. There is no concealing his 
delight when he shows off the 
three secoud-hand automatic 
lathes he boudit at ITT sales 
for £1.000 each.. They would 
have cost him new £50.000 eadi 
and he even got £10.000 worth 
of spares thrown in for nothing. 

The company vara— kept to 
a minimum — come from the 
auctions, the factoty extension 
was built by direii labour be- 


cause builders quoted too moeb 
and the latest office re^rgaitisa- 
tiOD is being, done tbe fac- 
tory’s own personnel at one 
third of tbe cost demanded by 
outside coDtractOTB. 

“ But 1 shouldn’t bkve to do 
it” be cot^ains. “I shouldn’t 
be a second-band mactainezy 
dealer should I? I should have 
enough funds in the kitty to go 
out and buy it new, because tiut 
is what my compears ia other 
countries are doing. But with 
tbe present state eff iodurtry in 
this country, I can’t make new 
maefainery pay.” 

In order to survive, be says, be 
has had to become a ja^ of all 
trades, paring costs down to tite 
bone. Hovrever, he says what be 
should be doing i$ not scouring 
the couatrrslde saving money 
but working on sew product 
lines, solving problems and 
contemplating tile emnpany’s 
future. 

Coming from another rnati it 
might have sounded bitter. But 
Gerry Hazlewood refuses to lose 
his sense of humour. He 
Ueves that working hard and 
being taofiest are tite only ways 
to build his btminess. ^ou^ 
his recipe mi^t sound simplis- 
tic. it is working at Westwood. 

He is about to double the size- 
of his Plymrath factory to 
90.000 square feet which wfil 
enable him to increase outout 
and store more tractors during- 
the slack winter period. Last 
year,, tbe company managed a 
£100.000 profit on its £3.3m tanif 
over as well as pursuing a 
£250.000 investment programme. 

During the past four years. 









'Mr Gerry Hazlewood, managing director of Westwood, 
high on a bodmfng garden tractor 


he has built a 60 per cent mar- 
ket share, selling some' 9,000 
tractors last year. Retailers say 
be could put an enra 20 per 
cent on tbe average UK retail 
price of £1,000 and not affect his 
market. But that is not his way. 

Gazing at the tractor be ke^ . 
in bis office, he muses: “I step 
back and say our prodact is. 
too expensive, we Aould be 
■able to make it cheaper. We 
riiould always be 'flirehi g to 
bring the price down all the 
time or give more !for the same 
money.” ; ' 

Be reckons he is already 
cheaper than U.S. imports, even 


though his competitors have the 
advantage Of . much . greater 
economies of scale, ip^uring 
10 times -as many- garden 
tractors, mainly for tbe U.S. 
market. But mudi depends on* 
the value of the pound agaiuBt 
the dollar, especially as -25 per 
cent of The value of his tractors 
are bought in components from 
the UE, 

'Unth such a large slice of the 
home' market, Westwood U 
pushing bard to expect more, 
especially to France and West 
Germany. He is already selling 
liOOO garden tractors a year to 
France -and the n’*rl:ot has 


sideradle potential for expan- 
ston. . . 

There are European manufac- 
. turers hr Austria and Sweden 
which proffijce much more, ex- 
pensive tractors and one toctory 
in West Germany which is a 
direct competitor. But after 
two difficult years, Mr Hazle- 
wMd expects exports' to rise 
quite quickly to around 20 per 
cent of total sales. 

One of his main aims Is to 
prepare the European market 
before -'the Japanese start to 
move in. Gerry Hazlewood be- 
eves that Honda Is contemplal- 
ing' the market in garden trac- 
tors stoce the company ' has 
refused to sell en^es to West- 
wood although '‘it has been 
requesting them for the past 
two years. 

In preparation, Westwood will 
bring oat a new model in 19S4 
which it believes would rival 
axiytiimg the Japanese could pro- 
duce and will, complement- the 
current range of tractors. At the 
same time, it is continually, cx- 
- panding the range of acessorics 
ti makes to go with ijhe troCtor, 
from Ieaf-sweeper$ to snow- 


' The company's aim 

is to expand toe season tiurins 
which garden tractors .are 
usually- bought. . At- present. 
April, May and June account for 
as much as SO per cent total 
sal^;' which' makes ratiopalisa- 
tkm- ^ production exl^mely 
difficult In fiiture, Westwood 
would like to see an open season 
'for garden tractors stretching 
over at bv-st 1*1 nonths 6t-the 















.-.Vi'.'.> 



..faucial Tim^- I'hursday July ^8- 1982 


7 


UK NEWS 







C^npodi^on 
winstwo 


cas^ 

By A. H> HcRnann • • ~ 


’* *• 




C."'- 


% 
' ^^; 




“ \v. 

■ 

" • IlfT 

. ■'• V 

■’ '< 


■r «l.. 




'!Ubi 


ceL 

ivh 


- 


' ’"V 


V. 



THE' EEC 'ConuDis^oo has 
Kored two important i^toxles 
m tite- European GonrL • 

- It deftt^ Italy and 

UK, vdiich complained to 
the coQzt over an EEC directive 
requiri^ ^nspareney - of. 
financial- relatfens betvreeo 
governments and i public -enter- 
prl^,- and at' the. same time 
achieved a widening of its legis- 
lative powe» by the. c<wt 

In a second case, the Com- 
mission defeated the •Rriti^fh 
Govenimenf '^.'(Ataining ' from 
the court a judgment stating 
that the' Sritish equal jny legis- 
latiDn faUs^ diort of EEC 

requirements. ' 


V- .. 


In -die fiist'ease .France, Italy 
and the UK — which ' ^ have 
strong -public enterprise sectmv 
—accused the- Commission of 
haying over^ppied its powers 
by maloDg, in 1980, a diiective 
i^uiriDg disclosure of all. pub- 
lic funds, -made availaUe ' to 
public enterprises. ' directly or 
indirectly, and of details 
trading losses, coital invest- 
meuts,. subsidies. '.preferential'^ 
loans*and any refunds of public 
levies. • . - . • 


die 

its 


the 


SL 


T.- 

rm- 


£i- 

iii 

6 -' 


The three govennnents asked 
&e court to declare the .direc- 
tive invalid. West Gexxnany. 
the Netiieriands, countries in 
which pnblic enterprise is of 
lesser imporiance, supported the 
Commission. 

'Rie cue. assumed a' wilder 
cmistitutioz^.sieniSeance when 
Ibe ^ti^ view tbat^^when 
acting as .a ** guardfah ” of the , 
IVeaty Ecane, the Commission 4 
only has such powers aS are 
tzansfepred.te it the Council 
of Minlstei^ clashed- with the 
Cmnanis^Da's doctiiBe that it 
has onherent pomrs to do 
eveiy^ng necessary Jor 
effective ' • ezermse . 
functions. 

Herr Geihard R^schU 
court’s advocate genhraf, kid; 
“It would be simply absurd if 
the Commiadon cpald . not 
cfatahi the necessary kfbnna- 
tion Ironr 1h.e:imeimber' st^es 
wititout the 'co-Qperaitum of -ke' 
CouncH." . . • 

The ! court -adopted the ' cos- 
dusioos of its ^ikcate general 
complete. 

In ano&er joidgment. the 
EmtKpeah' Court granted .tiie 
Gommis^n a decL^tibu that 
Britain defaulted On ilS Treaty 
obKgatfmis by failing to enai^ 
le^laticm' which wo^ ensi^ 
equal .pay for men and women 
for worit equal- value eyeirln 
satuatkms where there was no 
job evahmtidn study.' 

'Bzftun’s defence was that, as 
collective a^'e^ente were not 
legally enforce^le, an Act : c€ 
Pariimnent could only guarantee 
indiyklnal rights' to isar and.- 
equal treatment 


Rot^Panl^ reports on a (all for. proportional representation in regional assemblies 

publish^ two-tier goyernment plan 


D7EECTL'?-EI£CrJ£I» : assemb-r Commons. ' . 
lies Tor. Scotland.' and Wales and- ' 'T&e paper argues that- in Brl* 
10 or:il.xegiflhBl.a89mnhUe6 m tain (Northern Treland, is ex- 
Ei^Iand*' ^ected by^ pn^KV'’ duded from the discnssibii) 
tional ‘ reinkentatiDn, are pro- -centralisation bad 1^ too little 
posed '-rn. p Social.' Demooiatic scope for variety and eKperi- 
Fany Green .Fiqier on decentca-' ' ment and government h^ be- 
Ushig. .Government, ikbliked come remote and excekively 


today. 

The paper directly kntra- 
dicts an eaiiter SDP pk>er '<»i 
local g over nm ent and. finance 
whidi '.wanted local antiiorities 
to. decentralise . theif. own; fiino: 
tions down to local connnnnit^ 
— periiaps evmi as far as tesiant 
associations. Ft argued for 
smgl^er multi-puipcse auttio- 
rities -and yks. a ffatiwi- the 
introduction id tiers. -- 

An impiortant constitutional 
ciiaige indicated in' the- new 
paper would be the Section of 
representatives to. the second 
riiamber of Pkilament by. 
te^dnal ass'eaiblies. Hereditary 
lords would be abolished. life 
mmnben would '. cmtltine "bof 
Wbnld not vote. 

The delaying powers of the 
second chamber would be ex- 
tended to two years foT-laws 
other than money Bills: 

Ghangs in balance.'of 

power between the centre'.' and 
the regions vrould’tben be. diffl- 
cuK "to acdiieve. airoiigly 

.supported in tiie ebniifi;y; -but 
ultimate legislative power woold 
continue to reside with the 


bnreaucratTc. It esercised many 
of its functions throu^i nomin- ' 
ated- bodies, 'su(dx as regional 
health and water authorities 
and the 'Housing Cor^ration. 

These were so extensive as to 
constitute an entire tier of gov- 
cnunent .yriiich was not dkav-' 
eratically accountable to the 
people they were supposed to* 
-serve. 

The tffo-tter system of local 
government had . reduced its 
effectiveness through unneces- 
sary duplication, buzeailcracy 
and confurion and -had been in- 
creasingly subject to direction- 
from. the centre; 

'. b addition, the paper kys, 
Britain suffered from an Im- 
balance of economic resour(|es, 
ifiustrated’by tiie concentration 
of skined people living in the 
Sbnth-East, which matched the 
oveF-concentration of political 
power in London. Life and dyn- 
amism riioold . be returned to 
the regions. 

' Many, of- the functions of 
central government would be 
transferred to the regions with- 
out goiiQ all the way to adopting 


PROPOSED REGIONS AND 
THOR .POPULATIONS 

fcotlaid 

SJhi 

Wales 

ITm 

Northumbria and- Cunforb 

3Jm 

ktticadiire md Cbeshiiw 

A7m 

Yoritshire 

4Am 

Herda 

SJm 

Devon and Cornwall 

TJm 

Wessex 

2Jm 

London and Sbutb East 

13Am 

(or split Into 7m, 3.7m and 2.9m) 

East Anglia 

Ifim 

Trent 

4ffl 

Thames 

Urn 

Severn . - - 

2.1m 


a federal, constitution on the 
Vest CSmnan model. 

' Suhstaiitial parts of functions 
exercised by central government 
would pass felons (while 
local autiH^ties would retain 
-their functions in the same 
sectoip)4 . . 

* The sectors are houring, 
edncation, health and welfare, 
town end country planning, 
including new towns, lokl gov. 
ernment, water supply and 
sewerage, roads and transport, 
eoqrioyment 'services, agri- 
culture, fisheries and food 
(except iKice support), national 
paries, sports and. recreation, 
arts and culture, forestry and 
tourism. 


For eadi nation or region the 
regttniti govenunent 'would 
detenmxte the flotation of 
hinds between areas and would 
pUn each service developanent 
in line with an overall plan 
drawn up Iqr each region. Ihese 
substantial new powers would 
include legiriative powers. 

About 30 per cent of all public 
expendituie (£30bn to ^bn) 
would become the responability 
of re^okl go ven a naits. 

The paper sa^ re^onel coun- 
cils would.' have a major 
economle ubpact since ft would 
be possible to plan spending 
according4n re^onal ne^. The 
regional governments would 
have an important role in 
stimulating economic develop- 
ment 

Regional governments would 
be finance py r^onal income 
tax and. equ^isation grants 
from central gover nm ent 

The paper acknowledges the 
difiieulty of fixing the grants 
while ensuring the freedom of 
the regions to fix their spend- 
ing. It suggests an equalisation 
formnla incorporating a series 
of objective indirators such as 
average incomes, demographic 
characteristics, and the state of 
capital ' st-odc. It would be 
negotiate perhaps every five 
years, in the second chamber 
of Parliament 


One-third of the income tax 
collected In each region would 
go to the regional government 
logger with additional tax 
revenues— perhaps in the fonn 
of a share of other national 
taxes to provide revenues 
equivalent to half regional 
expenditnre. Equalisation grant 
would provide the rest. 

Regional gorernments would 
be tree to vary the rates of 
regional income tax by. up to 
20 per cent on either ride of 
the regional port of the 
national tax rate. 

Hie introduction of regions 
would recpiire a reorganisation 
of the existing two-tier s^-stem 
of local government The 
Greater London Council and 
metropolitan county councils 
would be abolished. 

There would be a single tier 
of local government under the 
regions and the regional auth- 
ority would he free to choose 
what the tier should be. Coun- 
cUs would deal only with their 
region and the link between 
councils and the centre would 
be broken. 

Local community councils, 
responsible for roads, refuse 
collection and other strictly 
local matters, would be intro- 
duced. 

Beeenfnziisiiiy government; 
SDP, 4 Cavley Street, Lo}idon, 
S\Vl: £1. 


Mineral water ‘rip off in 
piibs reported by Which? 


BY. DAVID CHURpCHILL, OONSUMBt AFMBS CORRESPONDENT 


A MZNERAL water ." rip (A *^-in 


pubs and elsewhere is reported 
today by the Consume* Ak(>d- 
atiofi in the latest issu& of 
'Wbirii? magamm. 

In special report on tiie fast 
growing mineral water market, 
'Which? reports that It di& 
covered profit mark-ups of up to 
250 per cent charged on a bottle 
of mineral water when bought in 
.a restaurant, wine bar, or.pub. 

' .'Perrier, for example, was the 
hmst wliiely available brand. 
Prices ranged betvken 90p and 
£lfiOp for a litre bottle-rcom- 
pared- with a 1ypi(^ . selling 
price in the shops of ^ut 49p. 

'Whirit? also found tiiat buying 
mineral water In .smaller 
quantities also ctraM prove 
expensive. Although one pub 
produced an eight-ounce glass 
for- 12p. the magazine’s 
reseandiers came across one 
wfoe bar charging 50p-for whaf . 
they des(ndbed as a. tall 

glassfuL” In general, (Aarges 
ranged from 20p .to 45p for. a 
gl^and 3(ip to 60p for a:" sm^ 
botfle.” 

,'Whid]? was highly critical 
o£ some otf tiie hea^ xdaims 


made for sdneral waters. 
“ Bottled waters are no rieaner 
or better for your health than 
tap water,". magazine con- 
'dudes. Nutrition experts, con- 
'siilted by 'Which ? considered it 
** most unlikely " tint a normal 
diet would, be -lacking in the 
minerals .provided by the 
waters. 


John. Griffitiis writes: Fewer 
than a quarter of 33 vans hired 
by Motoring 'Whkh' ? magazine 
from various national, regional 
and .local companies were in 
.satisfactory condition, ihemaga- 
ziim reports. 

**.Many of the vans we hired 
would have failed the MoT,” it 
says. 

. T%e concluskm of the maga- 
iiae is that "you cannot be 
certain of getting a fauft-free 
van from any' firm — ^national, 
regional or ioki" 

Two of the vans were 
rejected: one had illegally worn 
and damaged tyres; the other 
leaked exhaust fumes into the 
cab so much kat. sfter a few 
mil^. tile driver feit It was 
^[pngkous 'to carry on. 


BRITAIN TAKES FRESH LOOK AT TOURISM 


.J 


■ I 

“7 


iGkiyeniiii potential 

‘m ■ 

m 




BY ARTHEB SftfBXfS 


IN PROMISING a major investi-- 
gatiibn hato ' the w^ - Britafo' 
handles its tourist bukaasA Mr- 
Tam Sproat; Minister for Tour^ 
i«n , is refiectififi fresh interna- 
interest in tltis soasriye 
indukiy.. 

.-Only a fkr days before Mr 
Stoat's announcemenU.tbe EEC 
(kunmisritmere pnblicSy pressed 
member. ' Goveenments to 
simplify ttavel procedures with- 
in the Conununi^, spend more 
on tourist fodlitie^ lengthen 
holidays' and 'lower «Tr fares. 

.Seven -per. cent of all private 
expenditure- in Europe goes on 
tmuian. It accounts for 4 per 
cent of tiie total gross national 
product of! the 10 -Community 
snembers, kid -itireatly empfoys 
abom ^ people- 

The total employxnent fi^ire 
is probably coxisiderably higher, 
since without' tourists many.- 
aqiects of ISfe' would suffer — 
theatres^ -ikblic trankurt, the 
'building- trade and food produc- 
.tlon, for example.' It is thougtu. ' 
that about 1.5m ih Britain alone 
owe their jobs to tourism.. 

Ilte (aovkmneht's suddem in- 
terest in tourism arises from 
the fact that it is one of 
few. areas of commercial activity ■ 
^ir-h TwfiAi flat any iwrospeet of ' 
giowtii. Mooqy hrveslied in toni^ 
ist pirojktis. — be'it a nkvhot'H. 
ssiBeimi, a xiew ahport or a 
provides mstaut. 
emitio^Deat and. .an instant iih 
jection of caSh- info the local 
oommnnity. 

Britain’s tourist business has . 
pefEormed Tcmarkabiy oyer the 
past decade. From being a 
supplier rattier; than receiver of - 
tourists; 'the- .natfon turned its 
travel account iitio a hefty 
EiizifltBS. for much of the 1970s.. 

ib Sproafs interest has been, 
forthk jQnmed ^ 'the fact that 
last year it dkped hito deficit 
and. ht Epite of the mioisfors 
brave words, 'tools Bfce' .doiiig 

so againitais yrar. 

A little elver 19 . yeans agOt 
ke ITevetopment of TiHirisin' 
Act trankormed -UK tourism • 
promotion, and - management 
Tourist- boards were - 

the British' Travel Akociation 
became- - -the govecnsqcnt . 
sponseifod' British Temrist. 
Autiiocity, 

. The intern : has •moM 
xunmrkafaly "weD. The BTA is 
ggaeaSiy regarded as the best 




LondoaTouristBoaid 


national tourist cifBce in the 
world, and both fareitin.^and 
domestic trav^ers. in foe'^UK 
are much better served with 
ikozinalion aad h^ than tiky 
me in most livk countries; 


- ^ere ' are, .Of- • course, 
critidk^ *Rie Scbts"have-toDg 
thM^t that the' BTA con- 
centrates too. mach its 
maricetins effort on London ini 
the South' Blast of England. 
.There are concerns about Over- 
lak- • ubtably • between the 
Engl-ish Tourist Board and the 
London Tourist Board, and there 
has been a suspickm tsiat the' 
Government so for -has taBted 
a tot but ^ven little real help 
fo tourism. 


Thk real bkp tends to be 


asked far areas where 


ministers start to squixm and 
tkh alkut intei'depktmenlal 
difScolties. 


- People in tourism say 
miivUters '-wbo'talk of kmxdnng 
rival beads t<^ther themselves 
declare later that they, can do 
nothiiig about kirii luatteTs as 
the -Jicensmg laws, the taxation 
treatment of touxikn "invest- 
ments, tong queues at Customs 
desl% beesDse of staff shortages, 
the clokng of state owned 
atttaettak 00 bank holidays and 


the policing of toe-cream sales 
malpractice. 

The Government has shown 
inereasiiig sympathy towards 
tonriHU, however. Then have 
been tax 'changes to aid the 
hotel industry and the grant 
echerne .to aid tourist projects 
hu been -extended witikx 
past month. 

'. Hr tikok says he wants to 
hek"yiews on *‘how the Govern- 
ment' could help -more financi- 
. rily and otherwise, on whether 
-wd have . tod much 'fourist 
bureaucracy, on whether we 
.'involve • commerdal interests 
enough, on whether we have 
our bverkas marfcethig right, 
on whetiiK: -we sitohd the money 
- we do spend to the best possible 
advantage, on whether we have, 
the light rriatumship between 
-the different natiolul tourist 
boards^ 'and scores of other 
important tourist questions." 

mere Is Uttie doubt that Mr 
.'Sproat was also saying under 
his-i 'breaSi just what Mr 
(Giorgios - Coutogeorgis. tiie 
EEC's -Touilfan Gommissioiier, 
said in ptiblie a few days ago: 
*Ttae pirpose of the tourist 
dike is not jiist to make people 
hap^y. but- to improve one of 
Etude's key indusiriesu" 


Stand on textile quotas backed 


BY ANTHONY MORETON, TEXTILES CMRESPONDBIT 


THE BRITISH fioUle industry 
made another call to the 
European Commission yesterday 
to stand by its hard line in the 
talks on textile quotas with the 
low-cost Far Eastern kippHers. 

Mr Ian HacArthur, (firector of 
tiie British Textile Confeder- 
ation, told the Textile 
Converters' Association in- Man- 
chester that the Commission 
" must adhere firmly to tiie 
negotiating mandate agreed by 


(he Cound of Mhdkeis.'* 

There was no room for further 
concessions sLoee these coun- 
tries could already send 
considerably more te Europe, he 
stated. 

Mr MacArihur was speakiiig 
a day after South Korea had 
left the Brussels bilateral talks 
on the Multi-Fibre Arrangement, 
the sixth western country to 
have done so. without agreeing 
new levels of imports for the 


period 1983-6. The others are 
Hong Kong, India, Malaysia, 
Singapore and the Philippines. 
Some Eastern bloc countries 
have also , gone home to 
reconsider -tiieir porition. 

The Commission has been 
given a remit to report to the 
September meeting of the Coun- 
cil of Ministers oii the progress 
of the negotiations. Mr Mac- 
Arthnr said the talks were now 
entering a crucial stage. 


Court disqualifies 
two directors from 
managing companies 


BY RAYMOND HUGHES, LAW COURTB CORRESPONDOIT 


TWO COMPANY directors were 
yesterday disqualified from be- 
ing concerned in the manage- 
ment of any company after be- 
ing held by a Court judge 
to have shown themselves unfit 
to hold directorships. 

On (applications by tiie De- 
partment of Trade under the 

1976 Insolvency Act. Mr Peter 
Darby, of Halesowen, West Mid- 
lands, was banned for four 
years, and Mr Terence WelA, 
of London, for two years and 
six months. 

Mr Justice Nonrse said that 
Mr Darlv had been a director 
of Maldade and Talprops. both 
of which had been compul- 
sorily wound up in November, 
1978, with a combined defic- 
iency of a'bout £20,000. 

Their failure had been prin- 
cipally due to Mr Darby's gross 
mismanagement, said the judge. 


He had failed to resolve tiielr 
tax problems or to discharge 
tiieir resttlting liabilities. 

.-Uso, he had caused the comr 
pi^es to lend him money for 
his own benefit, which he bad 
failed to repay, altimu^ he 
must hove known that in so 
domg he would cause them to 
be -insolvent. 

It was a bad case, saved 
from being a vezy bad one only 
by the judge's obligation to 
accept the possibiIit>' that 3kfr 
Dar^, who had offered no ex- 
cuses or eiqilanatioDS, had nri- 
ginally intended to repay the 
loans. 

Mr Webb was a director of 
Mertrade and Glemorin. both 
of which had been wound up 
by the court with a comhined 
deficiency of about £3on,noc, 
which, said Mr Justice Nnursc, 
had been caused by Mr Web'o's 
serious imcompetence. 


Cost of house rebuilding 
continues to rise slowly 


BY ERIC SHORT 


HOUSE REBUILDING costs 
continued their slow rise in 
the second quarter of this 3^ar, 
advancing by 1.8 per cent, 
according to figures issued 
yesterday the British In- 
surance Association. 


The BlA's House Rebuilding 
Cost Index was 155.7 at the end 
of June, compared with 152.9 
at the end of March. A year 
a^. the i-ndex was 148.8, giving 
a riise of 4.6 per cent in rebiiild- 
ins costi; over the 12 months to 
end of last month. 


The index is compiled for the 
BLA by the building cost inform- 


ation service of the Ri^'al 
Institution of Chartered Survey- 
ors. It was started in July, 1978 
at 100. and is now calculated at 
the end of each quarter. 

It is used a.s the baris for 
determining tiie vnlue at which 
homes are insured ~ a value 
tiiat riiould be used on 
rebuilding costs, not market 
values. 

The increase In the second 
quarter arose from small rises 
in both building materials and 
labour costs. For well over a 
year now, these increases have 
been wll below foe general rise 
in prices. 


Venture capital 


on easier terms. 


If you need risk fiinds^ you’ll find that most 
investors will look for a hefiy return. 

Particularly where new ventures are concerned. 

. The greater the risk, the higher the cost.Now or 
later 

And since most investors like to see how their 
money’s working, you might wonder who’s r urming 
the company 

Them or you? 

At Ha&en, our terms of business are decidedly 
different. 

It could cost you as Kttle as 7h% per annum for 
risk funds. 

We invest £10,000 to £100,000 in exciting new 
projects based in Wales. 

More important, you always know who’s boss. 
You. Not us. 

That’s not aU. 'You wiU get the most expert 
advice on grants, low cost European funds, premises, 
and the skilled employees you’U need. 

Getintouch. 



Kaftan Investment Finance lid. 


A subsidiary of the Welsh Development Agency. 


IbUme more about Hafiren. 


Fosition^^ 

• 


Business Address 


■ 

• 


Ifel. 

FT/27/82 


Hafi!en Iriuestmeot S^naiuse Ltd, TMorest Ihdnstrial Estate, Ponfypridd, IMQd Glaznoigsoi GF37 SUE 

Tbiephone: 'Erefarest (044 385) 2666. Tfelex: 497 516 












s 


UK NEWS - parliament and POLITICS 


Financial Tiines Thursday July S 1982 


LABOUR 



Water Council to be axed Jay urges 

and boards slimmed down ‘fiddling 

arusAwooD ^ 

water councils nominatiiig some mem- w««iAn> an a#»r»4HAnaT • J 


m 


authority boants anH rv‘T-‘ uwuuuauuswuiB aam- Without an additional central 

Hnn ft# Uie aboli- bers. Chairmen and members . statiitdiy body. The Water 

r^nifYlAll .uVt^X 9-_ Water of the new boards would be Space Ame^ty Comniis^ 


CoimeiL wMftb ™ would be Space Amenity Commission 

Srtfe of paid Md would «rve (or tad .muli also be issoh-ei^ 

uiatai* s_ mOUS terms. No deUils were given ' The National- Water Council. 


By Ivor Owen 


early end to 
NHS pay dispute 


Concern 
over eighth ^ 
off-shore 
Ucensing 


yU«b_MrKngaaidba_dpIased 


md Wale^ wre announced authority nominees, 
yerterday by Mr Tom King, The Government 


vahmble role'’ fcrilowing 


David Howell: a amtter irf 
parliamentary arithmetic' 


MiSw forT.««i r “ , P® Government's decision reKirganisation, employs some 

arSi foUows publicauon m Januaiy 400 people. Some of its resDonsi 

» "usulttUdu paper with bffla« wil taw ti S„a 
f'', 2!“*° ”f“°“ ‘*“®e- such aa ta? me 

the Opposition including increased local Government suggestion is St 
**^Si5*^®?i.®®™**®** t^® Lords, authority representation and the . water an^^ties ^hn«M 

The ftTmister told the Com- smaU boards. aU appointed- by St ^ 
m^^ that Illation requi^ Mpteters. . adminteto 


Juggernaut 

order 

delayed 


for the^ehangN would be intro- XaBst year a Monopolies Com- 
“ at the earliest oppor- mission report on the Sevem- 


tunity.* 


•uuiuiiij- reprewptauiin anq Tue . water . authorities should 
starboards, an appointed' by set op an aWriatioh to 
Minirters. ^ administer and cany out Has 

Last year a Monopolies Com- function, 
mission raport on the Severn- Mr Khig’s aonoancianent 
Treirt Water Authority con- brought criticism from Mr 


Mr Ki^ said there had been eluded that its membership of Denis Howell (he LsIk^ 
mcem for some tfme that tha aA Tna.ta »c «w 1 .™® l*aibqur 




By ainer Goodman. Peiiticil 
Ccnvipoiuleut 


representatives and said that regionS watoTuthtSu 

intended. imposed considerable cost The had been consulted +ha 

Co^mers have not felt commission esdmated that a efiahg^^^S^ed to 
that they were really repre- smaUer board could bring sav- There SSSn? 

“h *®i P®**P*® ^ Of £650,000 a year. wSsalT tha^Ww 

said that together- ^tS“harges ^ ”****“ 

"At thi^ ‘ 1 boards improved Replying^o back henchera Mr 

Al tne same time, lam amnBomnnfc. /•milj Iia W. ' 6 kw 




nauts. look like being kept off ® consultation with consumers. Safges wiuld fnvSl^^ 

Britain’s roads at least until of <»»“»ttees and local authorities and other ^SiSn^^onoSiS” - • 

the winter. The Government inhibited interested parties. ^ 

now tft h«i»a «•««« efficient decision-takine.'* mh- wugent of Guildford, a- 


now seems to have given up ^®®^,i.®n"taking. 

ailmost all hope of getting an i. «r King said, the Govi 
increase in lorry weights neciped to create 


the summer recess. 

Mr David Homll, Transport 
Secretary, stUl appears to be 
determined to table the order 
eventuaUy, althou^ it is by no 
means ceriain It wiH get through 
PariiamenL 

The deeiskm not to go ahead 
with the order now is pai^ 
due to the strength of the 
opposition to juggernauts and 
partly to the rail strike. It is 
thou^t that it would be a mis- 


bra^'b^Vn-is^era"!? 

M’cKWaSSS 


Warning shot for pension funds 
from a Labour spokesman 


BY PETER RIDDEli, POLITICAL EDITOR 


take to do anything during the THE LACK of accoantability 
strike which nught intei^ and poor performance of pen- 


unions as sion hmds was strongly attacked 
deliberately enrouraging rom- yesteiday by Mr Jadfc Straw. 


pames to switch from rail to MP f^r Bla^bum and a Labour 
roM In _tne_long term. Treasurv szmkesman. Bis «ncMfth 


”fS. “ term. Treasury ^kesman. His speedi 

TOe ^^mental problem highli^ts the increasingly criti- 
facing Mr Howell is the mmple cal look which Labour & now 


one rf parliamentary aritime- focusing on aty institutions. 


Labour’s Treasury team ‘in 


“^® i?“ parliament has been careful not 


not confident that Ui^e order to cafl for the direction of 


would get through the Com- investment as some party com- 
“?S1‘ * 1 .- mittees have done,_ apart from 


Whra the La^itf Pai^ ur^g the return (ff controls on 

«pital tavesunent overseas by 


over the Governmrars plan for funds. Instead, the main Labour 
increasing the mammum weight emidiasis is on extending regu- 
ftOm 32.5 tonnes to 40 tonnes, 1»Hftn ai*A ar>ftnnn.faM1itv 


11 Tory MPs voted with the 


lation and accouotability. 

Mr Straw argued in a speech 


™ J took a good, hard 














taoad ^^Sf oniir. 


Jack Straw: "case for reform 
is strong" 


♦« appear complacent and insuffici- 

ently a^untable. They have dent but comprehensive moni- 
jyr nSft" SrSJ!: P™^ded a poor deal for their toring agmicy of the funds to 


to ensure that fund managers 
use what skills they have to 
help create jobs at home for the 
benefit of their preseat and 
future beneficiaries and their 
families." 

Mr Straw alleged that 
occaime of ihe funds’ lack of 
accouDtabihty they have lacked 
a consistent system of monitor- 
ing and the only standards of 
performance have been set by 
the funds themselves. Those 
have tizrned out to be low 
indeed. 

He argued that the funds had 
consistently under-perfonned 
the Financfail Time actuaries all 
share index. “Between 1963 and 
1880 this index showed, an 
animal rate of return of 1L7 
per cent. wihHc the average 
private pension fund showed a 
return of 9 per cent. 

Mr Straw described these 
figures as an indictment and 


ALLEGATIONS THAT seine 
members' of the Enropew 
parliament have been in- 
TOlved in irregularities over 
riaims for. expenses do not 
warrant intervention by the 
Biitish Govenunent, Hr 
Donglas Hurd. Foreign Office 
Minister of State, told the 
Commons yester day . 

Mr Douglas Jay (Lab. 
Battersea North) a le^ng 
critic of the European Com- 
munity. argoed that Brltirii 
taxpayers' mon^ was in- 
volved. BritiA Ifflnisreni 
were under an obli^tion to 
ascertain tbe teets. 

Be* maintained that a dieek 
Aonld'be made on "these' 
disreputable praettees carried 
Ml by memb^ of the parlia- 
ment which are discrediting 
the whole ins ti t uti on.** 

' Mr 'Hurd stres^ that the 
president of the ‘Europeiui 
parliament bad ani»min«»ftd - 
his iitfration te correct any 
iiregiUariGes revealed- in the 
report of the EEC court of 
auditors. " I hope and'believe 
he win.? • 

While welcoming tbe presi- 
denfs statement. BIr Hurd 
added that the real- ‘sanction 
.in the -matter lay not with ' 
BDiilsters . bnt - the 

electonrte. 

Mr -Richard Body, (.(km, 
Holland ‘ with Boston) said 
membera of the European 
parliament received an 
allowance of £19,000 a year 
for their secretaries and a 3Sp 
per mile travel allowance. " b 
there any need for fiddling? ** 
he asked. 

Mr Hnrd replied that he 
was not responrible for 
secretarial or other allowances 
antborised by the Enropean 
parliament. The salaries of 
Britain’s MEPs-were a matter 
for the .Govenunent and they 
faaid been fixed at the 
level is tiiose .for MFs at 
Westminster. 


BY ivo DA^AY. Labour staff 


THE GOVERNMENT intended 
handing over oil and gas 
resources ’* lode, stodc and 
barrel to a handful of profiteex^ 
ing companies," the Scottish 


^P^ESOF:me^v^pHpn refured to inove ^ fte^ ™ 


of. talks, witii health, s^ce 5?®^ <rf EiiS; ?oWe;;ed 


unions ^ed at ending the 12 per cent pay increase, he pKposals on the eighth 

eight-week old pay dispute said. . . round of oftahore «i»ontdnp 

appeared yesterday to have been The raus is now on ^ *^SSe °STUC expressed^deep 
niied out by Mr Norman Fowler, unions. There is m prosp^ concern ” at tfie way the 
the Social Serrices Secretary. amiouncemeirts on Ucensteg 

A _i able for pay In the NH5 this s„ mi- 




A statement. -released yester- „h a.* riah, course is * 

^® ter the Sade uSSns to return 


announcements on Ucensing 
were made public by Mr Ntgd 


Health and Social Security, I “In tbe seventh and eaghth 

Indicated that Mr Fowler had xir ^Fo^e^^ he would • of hcensmg. no docu- 

little confidence that a further we^me Ste “th thi unions 

meeting with Mr Pat Lowry, on arrangements for NHS pay £ 

chmiman of the Advisory. Con- pay round. ^ 


Minister has instead chosen m 
use a parliamentary' questiem to 


•cUiation and ArWtration Service, The Deparauent of' Health I 


sround Social Security and the | ,,, 


between the two sides. trade unions differ quite sub- °* open, democraiac Government 

Members of the TUC Health stantially over levels of support 2®^ (rf°ow^l 

Services Committee, who are CO- for industrial acti<m *“ | GcwbS 

ordinating strike action byll current pay campaign which 
NHS unions, asked Mr Lowry bas include four oneday ^p- ^ 

on Tuesday to approach the Pages and sporadic selective ^ ^ « 

:.^«aU^ona'r'«.J? ’^mOOO-ata.g Coufedera- J'?,,?. 


reopening negotiatioas on their 
12 per cent pay claim. ' 


n is the purest and most 




Mr Lowry hM ,^t to meet one band -to sneer at aUegediy 

Mr Fowler, • but It was made o* sntams z,euo nospitais are nraftKcM in u,I 

Govermrat - ® ^ the DHSS says industrial-action *^~***^- 

Mr Fowler pointed out that is “patchy" witii some areas fSJS” iS 
after discussions with Mr Lowry escaping anj* action. ««o«2c 

last month he had improved his Mr Len Murray. TUC general ^ 


Government Mirnster on tha 


original offer of 6.4 per cent secretaj}', has called on all its 


iwv 'TTir oanaT-ai consultati^ witlun tiio trad3 

Mr Len Murray. TUC general 


union movement.” 

T%e STUC said that the pro- 


to nurses and 4 per cent to 108 affiliated unions to sui^rt 

most other NHS grades, to 7.5 NHS OTrkers In ttei three- 3” 


and 6 -per cent respectively. day ^oppage, schededed for 


“So far the unions have July 19SL 


Shipyard picket ends 
after four years 


BRITAIN’S OLDEST picket vdiich has many commercial 
ended- yesterday, four years interests. 


North Sea suggested the Govern- 
ment was opposed to the ic- 
terest of independent companies 
in the UK 

It also believed that the 8S 
licences which will be offered 
in the eighth round were too 
many, and would ' lessen the 
potential control which this and 
future UK governments would 
have over the depletion of our 
natural resources. 


demanded that they 


A4C w.^.. *,.nr... ..1 kk..:...-!. i.^1 AMBj uBuiauueu ui«i. uiejr 

SL^f J5f should be given their old jobs 

back a a new owner was found. 


nfn..rr..Tn; An kk.n u«t» 11 B uBw uwucr Wd9 lUUUU. 

Bttk^ead, Merseyside, for the of their campaign 


Hope of end to 
hostilities 


last time uexgui oi lacir muipaigii 

Management said they were S2£;? 


cl<^g^b^;iU r lack of about their future. 


Obligation to 
disabled *not 
being met’ 




orders, following the 1975 oil Now part of the yard has By Our Labour Staff 


yard been acquired by the Mersey- 


sir Hi»eU brgan Kbm ‘Sefe de“ SS 

support for a compromise under the nation l^® ^eptable since in- 


support for a compromise under i now less acceptable since in- 

which the maximum weight Srinine themes fhft?S kP® "*®^ dexednlinked gUts had become 

would have been increased to S^nartlcul^r Mr' Rtntw frfri*^ft +?f ones which do not available which guaranteed a 

3S tonnes instead of 40. To recommends consideration^^ a tiom* predilec- return in line with the rise in 
sweeten the pill he promised J^^Sf rrforS^- • P"®®®- “O' no one Is 

to improve safety stendards and • chinpfts in ;«.ft.yftf-wis*^ .^®. _® ®®® “SeesUng that overni^t. 


Ployee reSresen^. 


rebels but the Government kept 


to build more bypasses. esJLcSfy by tte^tteSheS o?Sould°Sd^U 

There were signs that tbe ^ mterjA among their liabilities. But they must 


especially merchant banks, in present. 


putting off tabling the order, the proposds by “The fact that one merchant 

partly, it was said, because it «? k* conflicts of bank, at least, has guaranteed 


d7i“iiotwanrtr;;^*=S%n intereriatuoyds. 

.inftftftiiiny n,ft,-p uihaft ^ tn®. neeos Of tiic funds' • Exchanee con 


bank, at least, has guaranteed 
index4mked benefits ftom a 


unpopular move when any by- henefirtarinf^nt in»i^ •J^cha^ rontrols must be funded scheme for its senior 

pipctiona wprp »mnimpnt_ . ^®®» n®t 18th centuiy reintroduced * to end the staff shows inci- -urfiai- nan 


(^NFTDENCE that Argen- 
tina’s junta could soon rule 
oat any future hostilities 
against Britain, was expressed 
yesterday by Mr Cranley 
Onslow. Undster of State 
at tite Foreign Office. 

" As soon as we have a 
Ann and reliable indication 
that hostfliUes have ceased 
and will not restart we will 
be anzioos to return the 
prisoners-of-war to their 
native country," he said 
during Question Time in the 
Commons. 

" I hope and believe we 
shall soon be in that position: 
There are IncUcatimos, but it 
is very difficolt to decide 
what they all mean.” 


: suffered a loss (Mi £800,000. side Development Corporation GOVERNMENT departiMnts are 
But the workers (fiaimed that and the rest by Briti^ Ship- ignoring their obligation that 
the yard, wifli its seven dooks, builders on b^alf of nei^ ® ?!?**. k j 

bad some of the best shiprepaii> boaring Cammell Laird “?r®j S“®*tid be re^stered d& 
ing facilities in IVestern Europe, -shipbuilders, which-found worts abledpcopte. according to the 


ing facilities in lyestern Europe. 


Hundreds ,of them b^an a 24^ for three of the pickets, 'niat 


hour picket of tiie premises, was- the sole success in their 


Government depart- 


which were owned by the long'protest By yesterday there authorities, and 


Group, were only six pickets left 


I«Ddon-based L^d Group, were only six pickets left industries ^ em- 

^ ploying a smaller proportion of 

I disabled people than they were 

— .three, years ago, the pressure 

i Joe k drs to St 2 .V out only the Depart- 

ment of Employment, the Rci'al 
Mint and the Stationery Offleo 
250 Birkenhead dodters recommendation from the shop met tbe quota. No nationalised 
who were refusing to cross the stewards to- go back to WMk to industries, electricity boards or 
Mersey to work in Liverpool allow .talks to resume. ■ . | resjonal water autoorities did 


Dockers to stay out 


reidonal water authorities did 


•trithout “ adequate compensa- The Mersey Docks rtiop so, says a report publish^ yes- 


tion “ voted at a quayside meet- stewards executive met later to I terday. 


ing yesterday to ^ay on strike, review the position. ' The men A motion- signed by MI^ of 
Their dedsion is not affecting have agreed to trans^.to Lirer^ all parties appeared on the 
cargo handling because their pool, but are demanding dom- (Tmnmons Ordn Paper 1a^ 
employers the Mersey Docks and pensation of £1,500 for upheaval Timrsday, calling on the Gov- 
Harbour Company has dosed its inconvenience and an annual ernment to extend its power to 
operation at l^rkenhead. The travel aUowance of £900. ' The protect jobs of disaUed people, 
rest of the port was woriring company bas offered a travel *'Weok Commitment to the 


A motion- signed by MI^ of 


elections were imminent. . 

Now the Government has 
almost certainly left it too late 
to get the order through before 
the recess. This means that 
nothing will happen until 
October at the earliest 

The fear in the industry 
lobby must be that if it is then 
delayed until 1983, Ministers 
might be reluctant to go ahead 
with the order on the grounds 
that a general election was on 
the horizon. 


trust laws. 


haemorrha ging 


There must be an indepen- funds across the evrhangf i; and there.” 


end the staff shows just what can be 
longterm done when thg incentSve is 


Minister to hold Gibraltar MPs quash 


Pugin ceilings 
to be surveyed 


normally. 


*Weofe Commitment to the 


Tbe dockers rejected the only. 


conc^ion for the first month Disabled, by Susan Lortsdolc: 


border closure talks 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDBIT 


supplementary 
rate of 40% 


A SUPPLEBfNETARY rate of 
40 per cent (evied by Be^ord- 


20,000 on home 
exchange list 


LORD BELffl^, Minister of eociai results which are harm- 

risi cfbSS;'^fro°m ttf X Prei^nl 

21-2?for onSSS>ot*talks ow ®® ®“I*as>se4 that the Gov- ^ancial year was quashed by 


toe ciminueS ctosire^^^ Go«™®nt 


border with Spain: 


entry to the European Com- Commons last night. 


e\cnan?e lisr Ho win have discussions with *® added: “The «y a majomy of aa (Z77-3Z5) 

rriMoi -Tirij ^ ♦ r Sir William Jackson, the Gov- Government is aware MPs approved an amendment to 

COMPUTER read-ants of cjp Joshua Hassan. thp is incon- toe Local Government Finance 

council tenants _vranting t« ceivable that the frontier should . fNo 2) Bill which tbe Govern- 


By a majority of 52 (277-225) 


of our view that it is incon- toe Local Government Finance 
ceivable that tbe frontier should INo 2) Bill which tbe Govern- 


Chief Minister and oih^r iMri. mat tne rronuer should »«o am wnien me Govern- 

exchange homes with peopte m ^®a“- remain closed when Spain jwns ment had introduced in the 


JAkAAJ^V AAMAAAVa TVAiAA firVIIVAe 

Other council areas liave been 

rpift.->sftH i-hmiirrhftiit iTnnianri _ The Minister s uiteution is to 


released throughout England r, *'m®, • "“u- * inienUM is to 
and Wales for public display. 


toe Comhuinity.’* 

Peers on both sides of the 


House of Lords. 

The Bill stipulated that local 


Mr lohn Staidev H^inn stiuation and tbe impli- House were critical of Spain ®utfaoTitite wuld be prohibited 

ilmisier? said ySie^^ Spain’s continued oyer toe issue- Lord Beswick 5^5 


In a Commons written reolv <^*®siire of the frontier. It is ILab) said his admiration for 2*? ^.T?* ^ **** 

Mr Stanlov said- “At the end that no dramatic Spam would be all toe greater 

of June nearly "O.OOO tenante imtiatree is expected to ^ the authorities used their 


had already registered with the ^ mwUngs. 

scheme Spain nad agreed to open 


energies to open toe gates “ In- supoleraentaiy rate before that 


SURVEYS aimed aTuting 
out ff more decorated Pogin 
oeilings in die House of Ltede 
are rotten. Are to be carried 
out daring tiie summer recess. 

The Earl of Avmi, Envlrote 
ment spokesman, said during 
Question Time yesterday rhaf 
this move was prad^ follow- 
ing discovery that toe celling 
in toe peers’ lobby was in 
poor condWoii. 

Restoration of toe ceiling in 
toe maiQ ehamber was' on 
target for completion in 
October 1984 after four years’ 
work. The eost'shonld be well 
within toe original £3m estim- 
ate. Lord .Avon mM. 

The 140-year-old' wooden 
ceiling was found to be rotten 
after an ornate boss fell on 
toe red leather ben^es while 
toe House was sitting in July 
1980. 


LPU, 9 Pdaitd Street, WIVSDG. 


strike stays solid in Wales 


BY ROBM neVES; WEUH CORRESPONDENT 


HAVENT .seen' .'anybody expected, members 


since tite strike started," a National Union of Mineworkers nation.^ he said. 

British R^ supervisor viriun- refused to load it. ' “ Public servlet are essential 

ttered helpfully, before refer- In North lVaIes,.lhe gr^ : of for every country, wh^er it is 
^^.?® ®>® ®^® tigh.teried:.yesteniay. Always, or hospitals. Germany 

isri^ soud do^ BR was -unable to- maintain toe and France are highly efficient 

oer of toe NUR confirmed. Untited.. service it ran' on the because toe^ are not just on 

At Cardiff’s Croton dies^ Chester - 'Wre.'toam - Shrewsbury about profit all the time, and 
depot, toe cloeking in. and out ‘^toe for toe first 'three days of they don't izisult their men by 


the ' stdise' .public., tranqmrt for the 


hall was deserted, uy search the ^^^opptfae.' 


for a locomotive engineer or De^te the' absence of A^ef nothing. 


expecting them to woiit f<a 


fireman proved fruitless. There toen at C^idiff's diesel depot ' *'.1 do politician, but an ^ 

was not one to be found inside toer e'is evWenfly no shortage of ordinary wortdng diap, who 
or outside the butiding, .or ay^pnthy for their battle from a®®® vdiafs going on.” he added, 
among the lines of silent diesel mentoers, and dearly a what about the danger 

k,.- J .. ema* .Vaal _ —,9 ftf - 1*a1l AljkX.aaaQ A VTT-I-V 


But what about the dan^r 


engines parked in the depot. great deal of anger and bitter- ^ closures? 


Spain had agreed to open the stood of their batons on Eng- 

froiHier last momh but it was tish football supporters in ,i^® amendment anoroved last ShinliinMcirc’ Mnifol 

postponed yet again, this time Madrid." night takes retrosnective action ‘^“•POiUiueiy Capital 

SnflicJ““^‘ Falfclands Boyd-C^^njej^^ iurin«S?“®in the 


The strike has been so solid Government atti- g*®® .. ^ 

i‘n waTAA. «h.A ...j..— , tude. that toe -stnke could leave 


Rent freeze urged as ®, fesult of the Falklands Lord Boyd-Carpenter (Con) ?®- ^“®™ase. 

AN .\TTEMPT to impose a 12- said Spain’s continued postpone- oount? indudteB^Jhp 

month freeze on council rents Both Britain and Spain have, ments and delays might call in a* 

was made in the Commons yes- however, said that they remain question her suitability for *i?^® J*.** 

torday by Mr David Winnick committed to the Lisbon agree- membership of toe EEC which 


in Wales that union members 
have not evm bothered to mount 
a picket at the Cardiff depot. 


“ 'We Icnow aU about flexSde ^5^.^ '^tii no railways at all. 


Only two trains mo^ In new. 'Wtet do you toink 

•uto Wales -vesterriav ftn^ ^ at -3 em to do an ^® steel _worfe_ or part of the 


S'Hrire.,taSta.ta7. 


GOVERNME?9T 


(Lab Walsall North!. 

His Council House Rents 
Freeze Bill, which would impose 


innick commiiten to tne Gisoon agree- 
ment of 1980 toai toe closure 
Rents should be ended. 


lo^ f® ended. than Aitken (Con Thanet East) 

The trip was announced in called for television film of 


U.B supplementaiy rate 

In the Commons Mr Joim- -would have had 


a year’s freeze from next .\pril. toe Lords yesterd^ by Lord attacks on British World Cup Anti-grajBSti SQUad 
was siveu an unopposed First Belslead who satd that the bai^ fens by Madrid noUce t<» hS a -cni^n ■ i!-* . 

Reading but because of the busy rier to movement between ha^^xo t^SoS^sh\i?b^ “? ^ 

Commons timetable has no Gibraltar and Spain had “ very ties as evidence fortheir offiSS n^Si« 
chance of becoming law. considerable econonuc and tequio'. “ “ lS^^c ^ Greater 


?Sf 5®*^’®®“ thT sp^tirt autoori- ra£t *^ti fr^ 

SSSblS" 'S5 Ji“ “«■*<>«» f-U.eir official GreSS 


5 

Star to ■ » Brttah Ran ™.te to dia- 

Minister, said vesterS ^ station. There -were no pas- to make the couldn’t 

He fold senger services. more efficient they can 

sastalJied by ship repair ft was much toe same on in TOe?. wmpaSd wito 

operatioiis conttoiled by the Tuesday, when only two drivers ^ elsewhere? " It’s our^ad into 

^ate-own^ «f reported for wrerk. one of them 5lreferenee to rp. history. I suppose 'niey « 

b^ iSblteSSSTSS ^®®®“ ^ hiSediate^^^ to exploit.; 

would undermine the private 
sector. 


Boundary Commissions suggest 649 constituencies 


w “l? . . J®ss®s is immediately brushed "®®“ out to exploit : 

^ ^ i*"®™ “They have b^^Va? ^ eight-hour day. ^ 

the Seve rn Tumei to Llandarcy inp poverty aU mv lif* ^Tiia ®®® were suffering, having to ■ 
oil reftiery and back, and to GoverS? «n ^8 hours a day." 

send- a S!vw90nn i.. .. ®"t_can afford ^ war in- As th^ 


send a 35-wagoa train to Blae- toe Falklands and Tri^ivt^^nT «n^ *® wP®r^isor put if 
nant oom.,, to coiloot oooL ta toon 


THE NUMBER of parliamentary 
constituencies, now 635, would 
increase to 649 as the result of 
revised proposals issued yester- 
day by the Boundary Commis- 
sions for England and Wales. 

Proposals already published 
proride for five addition^; 
Ulster seats, six more in 
England and one e.xtra in Scot- 
land. Yesierdas'’s recommenda- 
tions, co\-ering nine counties, 
would add one to the total of 
west Yorkshire MPs and provide 
an extra Welsh constituenc}' to 
avoid the need for a seat cross- 
ing the county boundary 
between Gwent and Powys. 

Tbe proposals revise, after 
local public inquiries, pro- 
visional recommendations issued 
over the past 13 months. In 
se^-eral cases, such as Colne 


Valley, they restore present 
constituency names which 
would have disappeared under 
the provisional recommenda- 
tions. The main changes are: 
Greater Manchester: the num- 
ber of seats remains unchanged 
at 30 but seven names change 
from the provisional recommen- 
dations. The dianges include 
restoration of the present nawiea 
of Bolton West, Manchester 
Central and Salford EasL - 

Gwent and Vovfysi in the. pro- 
visional recommendations toe 
two counties had a total of 
.seven seats, with one spanning 
the boundary between them. 
Now Gwent, will- have -six and 
Powys two, with the present 
names of Montgomery, Mon- 
mouth and Brecon and Radnor 
returning. - 


Mid Glamorgan: the name 
.^berdare goes and a new con- 
stituency title of Cynon Valley 
appears. 

West GlamorghB: Virtually 
unchanged, with • five seats re- 
maining. 

Dyfed: Retains four seats, 
with the proposed Ceredigion 
being renamed Ceredigion and 
Pembroke North. 

Merseyside: Would still have 
17 - seats. The proposed 
Befamgton and Heswall becomes 
Wirral Souto- -and Heylake 
becomes Wirral West. In 
Liverpool two provisio nally , 
recommended titles, .Abec-' 
cromby. and Croxteth, are 
replaced by Riverside and West 
Derby. 

West Yorkshire: Would have 
23 constituencies instead of 22. 
Tbe proposed Huddersfield West 


is renamed Colne Valley, re- 
storing the present historical 
name of the Uberal-held- seaL 
Name changes in Bradford 
restore the existing Bradford 
North and Bradford West 
Devon; Yesterday's modifica 
.&n of proposals for toe three 
Plymouth seats would restore 
the present names of Drake 
Sutton and Devonport. ' 
The two commissions must 
submit their final reports by 
Apiti ^ 3«ay 1984 respec 
-tiv^yj changes would take- 
eff^ at the general election 
foUowmg of an Order in Councti 
by boto Houses. of ParliamenL 
As the Government is deter-- 
mined to try. to get the changes 
through before the next elec- 
tion, final reports are likely -well 
in advance of the 19S4 
deadlines. 


Robin Reeves our Welsh Cor^ 
respondent adds: The Boundazy 
Commission for Wales has 
bovfed to a storm of 
which greeted its original plans 
for a major shake-up in Welsh 
parliamentary eonstitumicies. 
The revised recommendations 
come after several leagtby 
puUic inquiries over the past 
12 months and the commission 
has dropped toe- more contro- 
versial' itoanges- it- bad in mind.' 
for five of the eight Welsh, 
counties..-. . I ' 

The difficulties' arose, becaure 
the commission stuck rigorously; 
-to .its /brief of producing, 
const! hxencies with as '.close 'to 
57,000 electors possible. 
Many felt that it had done so 
at the expense of geographical 
realities as well as historical 
factors. 


Vauxhan workers seek £25 pav rise 

BY BIUANGITOOK labour STAFF -H . J 


VAUKHALL unions are te seek 
pay rises of up to £2s a we^ for 
the company’s 15,000 masaal 
workers. 

•Tbe riaim is worth between 
20^d ^ per cent on basic rates 
and will be put to the company 
•a^.week. -• 

" leaders are' also calling 

ijor a shorter wpiking. wedk, 'an 
T^roved • pension scheme anid 
similar • conditions - to those 
.woy^ by \rititrallar steff.'. 

;.'■. They the clai m.' fo ma part' 

-of attempts to bring -tlK pay into 
une with that at Opel. Vaw> 
a sister emnpany in Europe 
The unions are • also asking 
Vaiahall to reduce its imports 


of new cars and to step up UK 
production. ' ^ 

Last, year, Vauxhan workers 
-received a 5 per cent rise and 
went on to a 39-hour week, 

already opened 
toe 1982^ motor industry pay 
round With an offer. 4i£. about: 
. S percent. . ' . 

-work6l% with ell^itiy' sttiallCT 
for more; -Skilled.: 

ditW'ii^Wct; 

; The current weekly • 
basic rate for grade four, cover- 
hw most Ruction workers. Ik 
p9.60. The lowest senentl 
-labourer rate is £88.- »mfl 


4u*est cr^ sate is £113.40 
A war a^. VauichaU was on 
grt^ivfi diort4ime worthing, 
EfftSfi’ S rtually returned 
Vauxhall and Opel 
-res^tions wertf^ up 83.1 per 
Sf“*~ ^ months of 

a®** 

,P^y increased UK production. 
' ?25P“y aia» to break 

' and -return to profit 

' ih 19^^ after a net a?m loss 

Luton factory 
;^.curre^tly .r^rii^ between 
and £9 a- tve^. production 
iKmu^ for the Cavalier car, but 

«ft i,, 

Diii*-^,»»]a torrv factory or at 
•flH pjgnL 








• • I "I .*• 

«ll 


^ toe. 


iTig rars thaJ: are enjoyable to drive. 


exception. 

it nfFftTis a. rr >TTibi^t inn of smooth- 
ness and j^ritehness that you won’t 
■w ant to waste on the Ghauffeur 


. risf 


twhnoverh^d camshaft 

Another is the precise five speed 
(A three spe^ automatic is 
avail^le as an option ) 

■ The Aigenta wili nip up to 60 in 11.6 


Our cam’ handling . is another 


hand.The Aigentais a joy toput through 
comers. 

Thanks in part to the low profile P6 
tyres and wide sjxjrts wheels. 

Mind you, the chaufievu' need not 
feel left out. The back seat is an ideal 
spot to appreciate the opulence of the 
newFiat Argenta. 

The classic Italian lines, the fine 
velcfur upholstery? the thick carpeting 
that lies underfoot. 

But the rear seat is no place to fully 
appreciate our car’s level of equipment. 

Power assisted steering on an adjus- 
table steering column, electrically open 
ated fix>nt windows, central lockirg and 


metallic paint They are all standard 
equipment. 

No matter where you sft, you can’t 
fail to wonder at the cost of om: new car. 

It has a retail price of just £6,345. 

Afigure that includes one year’s fi:ee 
motoring rneinbership pftheRAC. Anda 
six year anti-corrosion warranty 

In addition, accorxiirigtono less an 
authority thanEferMajestyhGlovernment, 
itwihretum36.7ri^gataconstant56ir5)lL 

Argenta is Italian for silver; but 
clearly this new Fiat is worth its weight 
ingold. 

The new Argenta £6,345. 


V-- 

.V. 

l“" . f* ' ■.1 . . 

,...r ■ 

^ ■ 

if'*' ^ 

*■■•••■ 

• , •.‘fl . fiO 



»Bf?S'AI®lSSUto*TD ANNUAL INSPECTION B^HEOEm™lWBY^I€OVV^iER./U?GE^^■AF^ 

• FORRJRTHERDETAIlSCONrACTlJfitSTOf^SHELLY.FlATINrof^^ n o»iwaumKviuur\m.j. 

















10 


Finandal Times Thursday July . 8 -1982 


BUSINESS LAW 


Whose law is it anj^ay? 


V 


WHEN INDIVIDUALS or com- 
panies are subject to cooflictisg 
regulations, it is a sure sign 
that “muddling through” is 
undermining the rule of law-^ 
or that a powerful slate is try- 
ihg to clip the sovereignty and 
independence of another. Law 
is an exclusive system of en. 
forceable rules, identified with 
the state, and conflicts of legis- 
lative jurisdiction, therefore 
always disturb imcmaUonal re^ 
lations. This mischief is quite 
wparate from the issues under- 
lying the most recent conflict 
01 this sort between the U.S. 
and the UK. 

As Mrs Thatcher confirmed in 
the Commons last week, many 
people share U.S. doubts over 
the Soviet gas pipeline. Coun- 
tries which contract for one- 
third of their gas requirements 
to be supplied from the Urals 
will restrict their independence 
to some degree. There was no 
need for the Soviet Union to 
send its army to Poland, the 
threat that it could turn off the 
pipelines was enough. The 
Polish case also illustrates how 
creditor^ can become dependent 
on their debtors. . For these 
reasons the opposition of the 
U.S. to its allies’ participation in 
the Soviet gas pipeline project 
is at least understandable. That, 
however, is not the issue here. 

Mrs Thatcher also pointed out 
that (he question was whether 
the U.S. could prevent existing 
contracts from being fulfllle£ 
Indeed, one could add that any 
attempt to make U.S. domestic 
law effective in the countries of 
its allies, and to impose U.S. 
policies on (hem in this way, 
is bound to weaken the alliance 
at a time when it is already 
under strain. The great con- 
cern which ihi.f is causing in 
Europe is evident from the 
order made by Lord Cockfield. 
the Trade Secreiary. under the 
Protection of Trading Interests 


BY A» H. HERMANN, Legal Correspondent 


Act 1980, that the U.S. controls 
are damaging to the trading 
interests of the UK. This will 
p.revent British companies from 
complying with U.S. require- 
.menis or prohibitions. 

Statute.s blocking extraterri- 
torial application of U.S. laws 
have been adopted- by Belgium. 
Denmark, Finland. France, Ger- 
many and the Netherlands and. 
in addition, by Australia. 
Canada and India. .The question 
is whether blocking legislation 
is an effective and suitable 
remedy. 

It fan be very effective. The 
U.S. so-called “nationality juris- 
diction" over foreign subsidi- 


criminal penalties to the parent 
company and its directors. The 
French Govenunent protested 
that, by .tflieying ^e U.S. orders, 
the dire^rs of the French sub- 
sidiary would berome liable to 
criminal prosecution in France 
for violation of French company 
law. In the end, the conflict 
was solved in the cii-il courts. At 
the request of the French dii^ 
ectors, a French commercial 
court appointed a temporary 
administrator to secure the 
implementation of the Chinese 
contract. 

Of even greater interest was 
the U.S. reaction. The Treasury 
announced that as the subsidi- 


Canada, the UK and the U.S. have been asked 
to consider proposals for avoiding 
conflicts between national laws and 
international business activity 


aries. which Is now being in- 
voked, did not come out too 
well from a test to which it was 
exposed in France in connection, 
with the U.S. embargo on trade 
with China. 

Fniehauf-France was, in 1964, 
one of the 10 foreign manufac- 
turing subsidiaries of the Frue- 
hauf Corporation of Detroit, a 
major producer of heavy trucks. 
The French subsidiary was 
organised as a company tinder 
French law. The U.S. parent- 
owned 70 per cent of Us shares, 
French shareholders the rest Of 
the eight directors, five were 
.nominated b.v Detroit head- 
quarters. and the others by the 
French shareholders. 

When the U.S. Treasury 
learned that Fruehauf-France 
had received a sub-contract in 
connection with the delivery of 
semi-trailers to China, it 
instructed Fruehauf-Detroit to 
cause the French subsidiary to 
cancel the contract on pain of 


aiy ceased to be under the con- 
trol of Detroit, no sanctions 
would be taken against the 
parent company or the Ameri- 
can directors of the French sub- 
sidiary. The Treasury lawyers 
closed both eyes to the U.S. 
Foreign Assets Control Regula- 
tions which spoke of suteidi- 
aries “owned or controlled” by 
U.S. interests—the French sub- 
sidiary remained in U.5. owner- 
ship. The lesson was learned, 
and the Rhodesian Tran^tions 
Regulations, enacted three years 
later, were not made applicable 
to foreign subsidiaries in wiii<^ 
U.S. coniorations had only 
shares without effective control 
Unilateral legal measures to 
curb the extraterritorial appU- 
cation of U.S. laws and policies 
can evidently have son^e effect, 
but are they a suitable and safe 
remedy? The side-effects of 
such remedies are always un- 
pleasant and may be dangerous. 
They aggravate the under^ring 


political conflict, and in any case 
lead to legal -imcertainty; to the 
detriment of trade. One is 
driven to the conriusion. that 
this is a problem which should, 
be solved by intexiiatiDnal agree- 
ments overruling national laws 
and providing national courts 
with a Arm basis for decisions. 

An international hi^way 
code of legislative jurisdiction 
should ensure that foreign si^ 
sidiaries are subject only to 
local law, should decrimjnalise 
f orei^ enforcement of axoitrost 
and should secure the same 
treatment for domestic and 
foreign export cartels. SuCb a 
.code would also provide that 
offences against mariiet regular 
tiotts should be punishable (»]y 
tor the exclusion of the foreign 
dealer from the national maiket. 

The refinement of such an 
international convention and Its 
uniform interpretation should 
be entrusted to an international 
trOranal acting on refermues 
fran national courts or g ovem- 
ments. It could share the per. 
sonnel and farilities of the Inter- 
national Coart of Justice in the 
Hague. 

I<arge companies on both 
sides of the Atlantic feel that 
something better than angry 
confrontation ova individual 
instances is necessary, and pro- 
posals* fbr an intematiimal solu- 
tion, have been commended for 
consideration by thd govern- 
ments of CanadL the U.& and 
the UK, by the Britmh-Not& 
American Committee— a group 
of top executives drawn from 
the private sectors of the three 
countries. One of their members 
is Mr George Shultz, the U.S. 
Secretary o! State designate. 
Let's hope that he wifi not 
forget 


* Canfllet of N»tioiul Laws with 
innniational Busineaa Aetivhy—ltsuo* 
of Eftratarritorimtiey. A stu^y by tfta 
author, to ba pubKabad abertly ^ tba 
Britfah-Nonh Amariean Committae, In 
Lomlon ami WaMngtm. 


RACING 


BY DOMINIC WIGAN 


TIVO French -1 rained sprinters, 
Kind Music and Blue Courtier, 
are among llie runners for 
today's William Hill July Cup 
at Newmarket, which also sees 
an Irish presence in the form 
of the lightl.v-raced Molly. 

All three should go well, but 
with Sharpo and Indian King 
representing ihe home side, the 
overseas trio will have to do 
well to prevent the prize 
remainm:; in Britain. 


Indian King is, predictably, 
favourite for today’s Group One 
prize over the last six furlongs 
of the Buztbury mile, since he 
showed both class and deter- 
Tnination in giving 171b to 
Vaigly Star in Royal Ascot's 
Corii and Orrery Stakes on Gold 
Cup Day. 

Indian King has a serious 
claim to being one of the best 
six furlongs performers in 
Europe, after he clipped nearly 
half a second off the course 
record there, coming in three- 
quarters of 8 length dear of' 
Vaigiy Star. Indian King ought 
not to be hard pressed to con- 


firm his superiority over the 
runner-up. whom he meets on 
olb better terms. 

Sharpo is likely to prove a 
very different proposition. Ai^- 
ably last season’s fastest 
sprinter, he was running better 
than any of his rivals when be 
snatched third place friun 
Crofthali close home in the 
Palace House Stakes at the 
nearby Rowley Mile course in 
the spring. Although he is with- 
out the benefit of a recent run. 
%arpo. owned one of 
England's luckiest owners. Miss 
Monica Sberiffe, will do for me. 

The Addison Tool Company 


has succeeded in seeming 
anoQier competitive field for its 
handicap over the Buntniicy mile 
as the company celebrates its 
25th anniversary. All 11 winners 
come in for consideraticHi on 
their best form of 1981 or this 
year and it is with more hope 
than confidence that I go for 
Don GlovaiuiL 

NEWMARKET 
2.00— Killiney Bay** 

2J10— Perang TejW 
3.05— Sburpo*** 

3.35— Don Giovanni 
4.10— Cowdenbeath* 

4.45— VHdng Centre ' " 


BBC'l 


TELEVISION 


LONDOnJ 


6A0-7AS am Open Univecslty 
(viff only). 10^ Cdcket Tbizd 
Test— England .V India from the 
OvaL LOS pm News After 
Noon. L32 Regional News fbr 
En^and (except- ■ London). 
London and SE: • Financial 
Report L3S Mr .Benm &05 
Fobol Y Cwm. 3.38 RegiCBULl 
News for England (moept. 
Londot). 3A0 Flay SOhooL 

4.05 ’World Cup Gnat^taod 
live coverage of today’s 
semirAn^ betwen Polamd 
and Italy. 

ejQS News 

6wS5 Wodd Cop report 
. 7J30 T(U> of Ihe Fops 

&10 Fame 

9JW News, weatherman 

02S Oppeidtelmer 
10.25 Night Moste 
1L03 News Iteadiaaes 
11A5 Worid Cop Repot 
12JL0 an Weaihexman 


Tonight’s Choice 

K you want in avoid the World Cup semi-fimd you seem to 
have two choices— an irid Aim m an (fld film.' peznais nu 
the edge with Znin ja wfaicdi a *bm red line sihUs a lot of black 
blood. The BBC 2 offering; Fnnny Gixi depends on your reaction 
to Barbra Str^sand— my ojnnion is that the nos have It. 

Later the BBC 2 seriw on summer festivals reaches Chi- 
riicster. An earlier programme on Greenwich was- rather 
obsequious but at least the artists got a len^y op^rtumty to 
show off their taints. Thtnsday regulars which hri^ten np the 
0 vening deserve mmre than superior disdain are 'Giv e. ns a 
due, on zi’V, Tbp the Pops on BBC 1, introdmed 

this week by “Kid” JenseiL 

There is an odd ball on Radio 3— Dragon “an epic saga” about 
St George and the Dragmi by Don Haworth. It contai^ at the 
very least two distinctive voices— Robert Stephens as St George 
and Alan Bennett as TOesaurus, Radio 4 attempts to match 
little later when Maria Jolas reminisces about Paris in the 182W. 
ITie low down on ficsso, Matdsse, Joyce and Stravinsky is pro- 
mised in Silent Bendezvons at 9J.0. 

ANTONY THORNCBOFT 


BBC 2 


6u40-7.55 am Open University- 
lOJO Play SriiooL 

1.35 pm Cricket: nurd Test— 

liiTiglatHi V Trirfin 

4JIS The Hnaopbaeked Pony 
4.55 Tbocte Tortto 
5A0 NevsDoad 
5J0 Ibhikaeaeii 

5.35 Paddington 


5.40 (bieket Hurd Test (con- 
tinues) 

7J0 “ Funny Girl.” Starring 
Barbra Streisand, Omar 
Sharif.- 

9.55 Summer Festivals. 

10.45 Newsni^t 
11.30 Cricket highUedits. 


5.30 am Barney Google and 

Snu& Smith. 9A0 ’Wilderness 
Alive; “The Wild Colorado.*' 
10^ History of the Grand Prlx 
“1971: House of Stewart.” 

ILOO A Big (SounCiy. 11.30 
Faint Along with Nancy. 12A0 
Gammon and Spinach. ISJO pm 
Get Up and Got 12.30 The 
Sullivans. IJW News, wifii 
Peter Sissons, plus FT Index, 

*niame8 News with Robin 
Houston. L30 Emmerdale Farm, 

2.00 Here Today. 2.25 Racing 
from Nowmuket:. Covering the 
2B0, 3.05 and 3.35 races. 3.50 
Worid Cup '32. 

6J5 ITN News. 

Thames News, wifii 
Andrew Gardner, Rha 
Carter. 

7.00 Crossioads. 

7.30 Zulu. Starring Stanley 
Baker, Jack Hawkins and 
Hiebael Caine. 

lOJIO News, followed by 
Thames News HcadUnfs. 

10.30 TV Eye. 

11.00 Hill Street Blues. 

12A0 What The Papers Say. 
12.15 am Sit Up and Listen. 

Because of World Cup cover* 
age programmes will be sub- 
ject to alteration. 


tlndieates programme lu 
blade and wUte, 


An IBA regions as Londoii 
exeept at tbo Mtowing times: 


CHANNEL 


ANGUA 


9l 30 am Sstanw SinbL IOJO CUm. 
11.25 Country PMpla. 11.50 
Wkttoe. 1.20 pm Anglia Nawa. ceo 
About Anglia. 11 j40 Lou Grant. 
12.3S an Tba Goat Boy's Dlacovary. 


1.20 pm Channai Umchtima Nawa. 
6,30 Channal Bapert. 10.28 Channal 
Laa Nawa. 11.40 Mannix. 12.35 am 
Nawa and Wtothar In Franeh. 


of Anlmala. 11.10 Patama. 11.35 
Jcrtinny'a Aninal Opana. 1.20 pm HTV 
News. 6.30 HTV Nawa. 11.40 Lou 
GranL 12A0 am Wbat Iba Papaa Say. 
KTV Qraru/Walan As HTV West 
axcapt: 12.00 Annaat. 6JQ Y Dydd. 
6.46 Baport Walaa. 


’Cartoon Tima. 1.20 pm TVS Nawa. 
630 Ceaai to ' Coast. 11.40 Quincy. 
12,35 am -Company, 


TYNE TEES 


GRAMPIAN 


SCOTTISH 


BORDER 


SJO am Eurepsan Folk TsIm. 9>I0 
A Place a Uvo. 9.S5 Jea SO. 10.20 
Young Ramaay. 11.05 3Zl Cemact. 
11.30 Tha Extmrdinary ftopfa Show. 
1.20 pm Border Nawa. 6JO Lookaround 
Thuraday. 11.40 Bordar News Sum- 
mary. 


9j 30 am Rrat Thing. 9.36 Saaama 
Street. 103S Beyond Weet Worfd. 

11.30 Al Oeming Man of the North, 
11.55 Captain Nemo. im North News. 

6.30 Summer at Six. 6A Police News. 
11.40 The Gangater Chrenlclea. 

13.30 am NerOi ttoadOnea. 


10.00 am In SMreh of Troy. 10J5 
Ciasy World of Spona. 1030 The New 
Fred and Bamoy Show. 11.15 Young 
, -Ramsey. 1.20 Seottiah Nam. 6J30 
^tfand Today. TIM Laia Call. 1146 
Bamay Miller. 


9.20 am The Good Word. 94S NortK 
Eaat Nawa. 940 Alphabet— The Stoiy 
ot Writing. 94B Carmen Time. 1040 
Morning Movio; "Odd Mei\ Out." 1140 
Larry the Lamb. 140 pm North Eaat 
News. 040 Northern LHa. 1040 North 
Eaat Newf. 1140 Check It Out. 
12.06 am Job Slot Extra. 12.10 
Epilogue. 


GRANADA 


TSW 


YORKSHIRE 


CENTRAL 


946 am Make Mine Muaic. 10.10 
Bygones. 1046 Superstar Profile. 1140 
Nature of Thinga. 1240 pm Tlio Young 
Doctors. 140 Cantrel News. 2X0 
Central News at tbs Royal Show. 
640 Central Nawa. 11,40 Central Newts. 
1146 The Shadows in Concert 


940 am European Folk Tales. 940 
A Place to Uve. 945 Joe 90. 1040 
Young Ramsey. 11.00 3-^1 Contact 
1140 The Extraordinary People Show. 
140 pm Grenada Raporta. 840 
Granada Reports. 1140 What The 
Papers Say. 1240 Law Night From 
TVra. 


9.30 am Sesame Street 1040 
Feature Rim: "Okay for Sound.” nS5 
The Undenea Advontures of Captain 
Nemo. 1247 pm Gua Honeybun'a 
Magic Birthdays. 140 TSW Regional 
News. 6.30 Ti^ay South West. 1042 
TSW Lata News. 1140 Mannix. 
12.35 am Postscript. 


9.30 am Sasamo Street. 10.30T "Okay 
For Sound" (Rim). 1145 The Under^ 
see Adventures of Captain Name, 
140 pm CaUmdar News. 640 Calandar 
(Emley Moor end Belmont editions). 
1140 Lata Night Drama. 


HTV 


TVS 


ULSTER 


940 am 3-2-1 Contact. 1040 Larry 
tfia lamb in Toytown lollewad hy 
Msgnia Gorilla. 1045 Wild, Wild World 


940 am Alphabet— :rita Story ol 
Writing. 10.00 Paint Along With Nancy. 
10.25 Rim: "Storm in a Teacup." 1140 


140 pm Lunchtime. 348 Ulatar 
News. 640 Good Evening Ulaiar, 640 
Police Six. 1049 Ulatar Weather. 1140 
News. 


RADIO 1 


(S) Stereo broadcast (wfwn biesdcast 
on vhf) 

540 am As Radio 2. 740 Stave 
Wright. 940 Simon Bates. 1140 Dave 
Lea Travis including 12.30 pm News- 
beat 240 Paul Buman. 440 Peter 
Powell Including 640 Newsbeat 740 
Waiters* Weekly. 840 David Jeneen. 
1040 John Peel (S). 


RADIO 


Matthew {$ from midnight), 140 am 
Encore (S). 240 You and the Night 
and the Music (S). 


RADIO 3 


RADIO 2 

540 am Ray Moon (S). 740 Terry 
Wegan (S). 1040 Jimmy Young (S). 
1240 Gloria HunnKord (S). 240 Ed 
Stewart (S). 440 David HamiHan (S). 
545 News: Sport SOO John Dunn 
(S). 840 Country Oub (S). 940 Alan 
Oall (S). 1040 The Impressloniats. 

1040 Star Sound Extr^ 1140 'Brian 


64S am Weather. 740 News. TXS 
Morning Concsn (S). 840 News. 8.05 
Morning Concert (eentinuad). 9.00 
News. 9.05 This Week's Composers 
fS). 10.00 Bax (S). 10.46 Haydn 

Quartets (S). 1140 Etoumemouth Sin- 
tanieta (S). 140 pm Newt. 1.05 

Manchester Summer Recital (S). 2.00 
Stiftelie (S). 4.N> Clarinet Music (S). 
445 News. ‘8.00 Milnly for Pleasure 


(S). 640 Bandetand (S). 7.00 Dragon 
fS). 9.00 Joachim Raff (S). 94S 

Europe Must Defend Itself. 9.65 
Joachim Raff (S). 10.40 My Merry 

Mornings. .11J10 Percy Grainger (S). 
11.16 News. 


RADIO 4 


6.00 am News Briefing. 6.10 Farming 
Today. 640 Today. 843 Yastotday In 
ftriiament 940 News. 945 A Move- 
able Feast .940 Ths L'lving Worid. 
10.00 News. 10.02 Eurepesn Journey.. 
1040 Doily Service. 10.45 Morning 
Story. ’ 1140 News; Travel. 11J)3 


Utopia (S). 1148 Enquire Wtlhlri. 1240 
News. T2M pm You and Yeufs. 1247 
Brain ol Britain 1883 (S). 1.00 The 
Worid ot One. 1.40 The Archers. ZOO 
Nows. 242 Woman's Hour. 3.00 News. 
Z02 Altarneon Theatre <$). 4,00 News. 
4.02 Countryside View. 4.10 A Good 
Read. 440 Story Time. S.00 PNL 640 
News. 640 Any Answora? B.BO it's A 
Bargain. 7.00 News. 7.05 The Archers, 
740 Concert Preludo (S). 740 BBC 
Northern Symphony Orchestra (S) 
Concert Part 1 C.P.E. Bach: Britten. 
840 The Saga of Jorgen Jergonsen. 
840 Concert <S) Part 2: Schubert: 
Tchaikovsky. 9.10 Silent Rendezvous. 
940 Kaleidoscope. 1ZOO Tho World 
Tonight. , 11.00 A Book at Bedtime. 
11.15 The Financial Worid Tonight 
1140 Tbday- in Pariiainent 1ZQ0 Nnws. 


S' 


PUBLIC NOTICES 


L/I 


FINANCIAL TIMES CONFERENCES 


Aerospace 


COMPETITION ACT 1980 
NOTICE UNDER SECTION 9 
Tl Ralmgb lmb»tries limited 
and Tl Raleigb Lindted 
Following a report by the 
Monopolies end Msryere tenunie- 
•lon on ttte eppneauen by Tl 
tttieigh Industnee Ltd ana Tl 
Kaieign Ltd of certain erttena for 
deiarmuirng whether to supply 
bicycias to retail outlets (h«4i/ 


publianed on 16, December 


enters a new era 


London 31 August, 1 & 2 September 1982 


The Financial Times and the Royal Aeronautical Society are pleas^ to 
announce their second joint Aerospace Conference^ to be held in London 
prior to the 1982 Famborough Air Show, 

The three main themes of the conference will emphasise the needs of the 
users of aerospace in the next two decades, the impact of new technological 
developments, and how these challenges will be met by the industry 
around the worid. 

The panel of distinguished speakers will include: 

Sir Peter G Masefield 


the Secretary of State -for 'Tn> 
requened the Diracur Genarel of 
Fair Trading to seek to obtain cer- 
tiin undenakinge from the com- 
peniee. The Diractor General of Fair. 
Trading has new accepted the 
feliewmg undertakhige from the 
two conpanlea: 

Each ot Tl Etaleigh Indusvfes Ltd 
and Tl RaMgh Ltd hereby severalty 
undertakes to the Director General 
ot Fair Trading that it will not 
retusa to euppty bicycles (otber 
than bicycles carrying ttaa brand 
name "Raleigh'*) on any ot the 
following grounds: 
a) loss lesding (other than In 
cireumstences specified in 
Saetlon 13 of the Resale Prices 


Act 1916): 

anabfilit 


Mr JT Stamper 
Mr GE Knight CBE 
Mr Raymond Cope 
Mr Jean-Didier Blanchet 
Sir Lenox Hewitt 
Mr Nonnan J Payne, cbe 
Mr Michael J Fenello 
MrJohnHWinant 
Mr Nonnan Ashton Hill, mbe 


Air Vice-Marshal 
D Harcourt-Smith, dfc,raf 


Mr J E Pateman 
Mr Jean Salmon 
Mr Robert F Daniel! 

Admiral Sir Raymond Lygo,-KCB 
MrEMallett 

Mr William Mallinson, cbe 
Mr Ivan Yates, CBE 
MrTHKerr 
Professor L F Crabtree 


Sir Charles Pringle, kbe 
Mr H C Munson 
Mr Roger Befeille 
Mr Trevor Salt 
Mr Robert J Carlson 
Mr Hans>Ioach!m Klapperich 
Mr C HamshawThomas 
Mr Robert FAllnutt 
Mr Nonnan LamonL mp 
M rla'mSproa^MP- 


b) non-avanabfility ol tachnica) 
advice: 

servicing faeiliSea: 
stoefce of spare parts: or 
commitment to bicycle retail- 


to any liscount store whidi agrMs: 

a) to display apprepriats sizing 

charts provided by ellher Tl 
Raleigh Industries Ltd or Tl 
Raleigh Ltd as the ease may 
be (”the relevant company ) 
or to include equivalent In- 
formedon in its estslogui 
and _ 

b) eithsr to make arrangemsma 
for the pest-deHvery -servicing 


of thMS bicycias which are 
tbs relevant eem- 


supplied by 
pany and sold by the .discount 


sture by a loesl Rstsigh s^ 
vice daeisr nomlnatad oy. the 


reisvsnt eempeny; or. where 
such snangamants cannot ba 
made, in raapaec ^ any such 
MeyciM which baing faulty In 
design or construction are 
returned to the diaeount etora 
by the nietomar, to 
i) ration the faulty bioyde. at 
la own axpenaa. to - die 
relevant company and - 
II) either pnvida the eustMi^ 
'wM a rsplacamant or r^ 
fund the purehaao price a 
- die customer. 

For the pumoas at dress imdai^ 


Aerospace 
enters anew era 


To: Rnanelal Tbne8 Umtted Conference (Aganleatton 
NHnster House, Arttiur Street London EC4R9AX.1M: 1355 

letoJC 27347 FTCONFG Cables: FINCONF LONDON 


"b^ela" maans sny blcyda for 
a rldtr with an meids ‘ )ag 
rosasuremant of 608 mm or more: 
and 

'‘discount store" maans arqr cata- 
gery or retsilsr which garwnlly 
purauaa a ' policy of ' eharglng 
retail prices below nrepufactonrv 
recommandad or suggastad prieaa 
In rea'peet of soma or all of the 
product linaa sold by it. 


BORoaCH Of PRESTON BIUS 


N.V. AMEV 
U5$4M0iVN» 

8% Debentures due 1978/1987 
In accordance with the terma and 
conditions of the abevs-inentioned 
debantore loan, the undersigned,, 
inistea for the debenture holdora/. 
snnouncas that the company has 
aumndared to the trustes 4,000 
dabenturat of USS1.000 eadi for 
caneallation so that no drawing of 
dabenturas will taka place for the 


Make a resolution 


redemption Ji^Imant as ^ger 


August 1st 1^ and that the 

debentutea so aumndared to the 
trustaa will ba credited in or 
•towards satisfaction of tire redamp- • 
•tioo Insalment due on August 1st. 
1982. 

TheT nistse : 
AMSTERDAMSCH TRUSTEE'S 
KANTOOR B.V. 
N4. Veeiburgwil 328-329 
1012 RW AmstBrtiam ' 

Tba Nttharlsnda 
July 2, 1962 


NACIONAL nNANClERA 5JL 
US$1004NNMWO 
noating Rate Notes 
1978/85/1993 


In aeeordancs with the terms and 
cend'itione of the above mentioned 
floating rata notes the interest rate 
applicable for the period frem July 
tK; 1982 to January 7lh. 1M (184 
days) has bssn fixed at 17^ per 
cent par annum, inrerest payable on 


fer»7m i ejiTt hem' 7.742’Sr, 6rtq42 m 
121S-64tnX. A^n. S2.1m. 6— ,7m 


outstandles. 


CLEVELAND COUNTY COUNCIL 


C23.aoo.ooo Dills te aa ed eo 7>b Johr 19B2 
.« a rare o7 12q to mature on 1m 
October T983. Total weltoatioRs ware 


C1MJ^.000 and thara are no WIN 


■. & ef SANDWELL BILL* 


£44Sm BItia 


12U ser cent, 
outsandlne. 


METROPOUTAN MROUCai. 
OF KNOWSLEY 


»,000,eao MIIs bnod'en 7th Jitiy '-IBEX 
12*4. to mswre on Blh 


nease send me ftirther details on the cwifeisnog 
‘Aerospace enlets a new era" 


Octefaer 19U. Total appliatMms ware 
£1 0.000 JlOO aM Mmars&MaOOO WIN 

ostaanauig. 


ArrS'.JiNCr.\LTLMES 

CONFF.RF..NCE 

in association with 

The Royal 

Aeronautical Society 


£5.000,000 bills iNued eo €w jmv less 
«■ a rate of 18<«ee matsre on Sth 
Wp ber 1982. ^ appnaSoH were 
£57.000.000.. and tiiereare £15400.000 
bllla outsandUre. 


rVimnsinv 


ArMracs 

' 


.... '. 

TdJ- • 

TbIott 




SgRIlEV- M4. BIUS 

_.IIs frem 8/7182 ■ ■ 

1 2<4M.- ApbIh. £474r. £9, 


£5.ta snis frem W7ta to 7t10i82.-it 
'.6m onstaiidhiB. 


CLUBS 


EVE hes estiived the' aOwn-Mcam of a 
of fair^etar nd vsl^^ to biqi^. 


IStiMr freiB lO-S^O am. lilKa arid tap 
mdMdens, gUmamH hestcesM. exciBne 
EoptsboM. iS9. Repent st. 01-734 OS^ 


HANOVERIAN HieKTCUm aad Ro., 6. 
Hanover strecL.WI. Wlwra nilay's bto- 
neawnwn on niiiev air cmitns aad.retax- 
Ing evenins. Cbarpilng and dtorM dine- 


Ing partners svallsM nirttiv 9 an 3 sin. 
RecemmcMed -10 tins to res. m oi-oos 


0268. 


eeCh rkpu of on -^nue^ 


7ch, 1983 against Coupon Ho. 
wlH be USSra.48. 

BANQUE INTERNATIONA 
A LUXEMBOURG 
Sodcca Anonyms 
Fiacai Agent 


INAIIIUIU PE CRBPITO OFKIAL 
U puPHe aatitv of the Spsnbh stsM> 


FLOATING MB 1992 
(RePeetaMe at the Option of Holders 
In tG49) 

aeemdanea wW» »e aroyWoos m ^ 
Is. hg eh v- m*an ihst. to 



re B« 
Notes. 


wie tiiltisi psrioi inmjatv 9, 1992 to 
jMnart^ortSSs.tht. Notes 


» ' lniw« ' rma'of ibsu%>er annum, 
-fho Interest pavabla on the 


I fiv iiuaBK p»ra.iiri w.. ...« 

interest payment .det*. Jen varr;. 10.^1983 
wtonae Coupon No. 1 vnll ba uSS8A2.B1. 
" THE OfASE MANHA-^AN BANK. 


NOTICBTO H OLDE R S QP. .. 
•WELU FARGO- INPOWATION^ 
FINANONG CORPORATION N.V. 


19ts per GUARANTEED NOTES 
DUE JUNE IS 1964 
Copies Of tiie A cco u nta el th e Cooipi mf 
and the Ammei Report ead.AceMM of 

s?’ 

NlL.'^wii^MPr h&^o*l£Sm wl 

Londoo BC2. * • • • 


NOTICE JO H OLDE R S OF__ . 
WELLS FARGO INTERNA'nON<^ 
FINANCINO CORFORATieN'N.V. 


IS per GUARANTEED NOTES 


DUE SEPTEMBER 10. t90S 

S tte Aceeimte or tha-Oofnpany 


Cop ies - ... 

aiKl tire Annual Report and Acownts ol 
ttw Gvarmtor. Wella Parso and Compainr. 
to the year ended 31st Oe c ewPer. 1981 
CM be qbmined frem Wells Ferw Bank. 
NJL, WInchestar M Lmon Wall. 

London EC2. 


NOTICE 


The Curator of. Estates- of Deceased 
Persons of Noribik- Mend -fa atbmpt- 


Ing to leoita Nerecq Anna Dra- nae 
MeCov who Is a daughnir or wUIlain 
Tllhr McCoy deceased. She-.-wsa nnr- 


Pied In 19SS te Kevin- • HamUtan 
Campbell Davis. Attempta are. • also 
being made • to locate her. mother 
fCatiiteen PaPrteia McCoy nee N eoaeq . 
Any tatonotlon reBBrtlng the arliare- 
ahopta of any e« are aPpyerei^ 
pefsens shanid be sen t» tha jMrawP . 
of ' Estaftes of Decaaaad -pecn^ 
. KMbsbhu Norfolk Island.^ - • • 


PERSONAL 


CnraGS MMOOIIIGa IVrlG Q*' 

/ttaBineiiOkM^wIth: new estate.- car- Imp^ 
cable rets. Available tojurejmd -ato 

cOHecHaardanvafv - 

valuable Items. Tel. 01-543 12SS. 


Indude 

Heidsieck Dry Monopole 
Champagne and 
Boudiaid ^^^e Wines 
in your we^y budget 


Bouchard Aiiie 

85Hwi7StEee^lx}xidonSWLTdb01r2^3i^l. • 









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Kiiandal Jnly 8 . 19 ^ 


SURVEY 


ITiursday, July 81982 





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Japanese manufactitfersl^^ large in the medium-term future of the European commercial 
yehide industry and the %orld truck” project of General Motors is being 
^ 6^ Nevertheless there are hopes of European output rising next year. 


faces up 


to 


I . r. 


tyns 


tees 




BY KENNETH QOODING . 

Motor iTidustrg c6rtespondejit 


YORK 


^SHIRE 


tiLSTER 


WHEN ' NISSAN of Japan. ee>' 
quired a sajorMy '^drar^old]^ 
in Uotor Saierica of Spain an May. 
lids year, one -iidormed ct»nr 
mentator si^ested it was *per- 
intps fbe.znost M gniftwiTit ' Hwa. 
iopment of tiie decade for the 
European commercial velncle 
industry.’* 

The deal means that Nissan ^ 
the first Japanese vehide msikde 
to establi^. a truck and ..fnis 
mannfactuiii^ base in Enxoi^ 

Ibmica' already do^ season;' 
aldy wdi wHb its' Ebro and Avia . 
li^t ccaxsnereials- in 'Qie Ben^ 
lux. eohxfiries as .well as in 
Spain. Now Nissan has the 
opportunity to rebadge them 
wi& ei&er- its own nmne cx 
even use fite VDstsiin labd 
better-lmown . ’ !xy. : 
buyers. 

And if or when Spain Joins 
Ae EEC; Nissan eonU take 
advantage 'of an' effective car 
d^er network tiaou£Si windt 
txt build otmunefcial sdes. 

Nissan benefited from Massey 
Ferguson*s finandd weakness in 
January 1980 . when £t bou^. 
the Canadian-ba^ group’s 86 
per c'ent sbardmld^ in Qerica 
for $40m; The majority [control 
c^e this year aft^ Nissw 
up anodic $21.5m.when Iberica 
had a lights- issuer The 
ese groiQ) now has 54.6 per cent 

Iberica has be^ -laying -down; 
lines to produce Nissan’s four>- 
wheel-drive Patrol and a light 
van range. Ihe Vanette. . Both 
will: use Poldiis ensues .built 


.in 'gpaliL (Perldns is a 3£ass^ 
Ferguson subsidiary.) : - 

By -moorporattug ' Peridns 
gnginefi juatched with Ibet&caY 
own. :£our 9 eed. managd. gear-. 
boKss masan wiH .be aUe .to' 
reach ffie'85 per cent ^>aniA 
eontrat the authorities in^ 
npoa.. . 

Production of the Fatrcff is. 
sriiednled to begin next year 
and the vans should arrive 12 
' months later. 

The vohimes announced are 
not enormous, 15,000 .Patnds a 
year and 20,000 vans. But the 
European market for this 
of -vehicle is already sever^ 
comi^tittve and the growth- in 
demand is not opected to be 
yety great 

. . In the past . two or .three. 
ye»5 the two West Gennan 
groups, beneflthig from *016 
largest domestic market for 
H |fat vans, introduced xeplaee- 
. meats for rather old vAicdes. 
Mercedes has a new Bremen 
van and Vdlkwagen replaced 
the Transporter. 

• Iveed, fhe Fiat snbsidiafy, . 
introduced itbe Daily van and, 
more recently, the. Ducato van, 
■made -in. Southern Italy, and 
also sold by Peugeot as the J5 
van. . ; ' ■ ■ 

BenaW^.not'tD .be outdone, 
latuicbed' its 'tvafic-Mg^er van 
range spc^caily designed to 
appeal to a wide cross section 
of Eurc^ean markets. 

For; although the light com- 
mercial veiucie sector resisted 


tile trend towards “l^taropean** 
models much long^ -was 
the case \rith heavier tiu^ 
the manufacturers can no 
' longer afford to ignore EEC 
export markets in particular 
when designing new' vehicles. 
■ Intemational trade witljin 
the EEC in light comm^ials 
has developed rapidly in the 
past 10- years. Fiat .and 
•Benajult could not Ignore the 
success in Italy and France of 
"European” vehides. sndi as 
Ford’s Transit vmL 
' The Tzianat last -year stStl 
managed Id niahitain Its position 
as tire besfteelling' medium 
oommennal in Wehjem Europe 
witii eales of 95,337 and Fasd 
hopes^ push tiiat up to 100,000 
tins year wtth'ihe help of its 
"iniee and product realign- 
ment ' progrionme 4.e. lower 
juices aKt better q>ecS(sations 
—jwhich has been effected in 
many of the' major -European 
markets. 

However^ the lYanrit is cei> 
tainly old-in-the-4ooth— it is 17 
years cdd— and the new^ vans 
make better use of -^ir avail- 
able canying .space as well as 
bating ^ more in ggess i ve hiel 


consumption 'figures^ 

Ford has a Tranrit replace- 
ment, code-nmued Triton, on the 
stods and there are suggestions 
within, the supply industry that 
it could be launched as early as 
autumn next year. 

Triton will be a "Eutc^an*' 
light eommendd and the pros- 
pects for export oatade the 
EEC are tiinited, not the least 
by J^umese successes an this 
seeker. 

As poioiBd out in a separate 
feature an this survey, tiie 
Japanese manufaettmers loom 
large in tire medium-tenn future 
iff the European commercial 
vddde indnstry. 

Demazid for light commercials 
in Europe- should start to pick 
up in 1983 but the local manu- 
facturers wlH have to ritare 
much more of what is avmlable 
vrlth the Japanese. 

At the same time, Japanese 
experts of li^t commercials 
win be squeezing the Euro- 
peans out of some traditional 
non-European expwt markets. 

The trend is already clear to 
see. 

For example, last year the 
West Gennan heavy commercial 


vehicle, manufacturers pushed 
up prodoctioB iu ^ite of the 
sharp downturn in domestic 
demand, because they picked up 
major. orders from membezs of 
the Orga^ation of Petroleum 
Exporting Countries. 

There 'was no such ccHnpensat- 
Ing export business for the van 
producers. 

'Volkwagm suffered a 28 per 
cent drop in van output last 
year compared with the 1981 
totals. It vius down from 
109,734 to 78,804. DaimlmvBenz 
(the .Mercedes group) saw van 
production fall 15.6 per cent, 
from 43,485 to. 36,689 over the 
same period. 

'While the major preoccupa- 
tion of the European light com- 
merdal menufactureTS is with 
the Japanese "threat,” there are 
other recent . . d^elopments 
which th^ are watching care- 
fully. 

The of the industry, . 

althou^' cynical about the pros- 
pects for.suec.e$s, are wondering 
just how' General Motors, the 
world's largest motor group, will 
handle its proposed ' “world . 
truekf’ project. 

Among other things a replace- 


ment for the Bedford CF van 
and a medium-weight truck of 
between 7.5 and 16 tonnes are 
being considered as suitable 
cases for treatment by GkL 

The American group will be 
co-ordinating the efforts of its 
U.S. subsidiaries, including 
Chevrolet, as well as those of 
GM do Brasil, Bedford in 
Britain and Isuzu, the Japanese 
group in which it has a one- 
third Shareholding, in' the 
"world truck” sriieme. 

As with the "world car,” the 
idea is not to produce one 
vehirie suitable for all markets 
but rather a number of key com- 
ponents winch will fit in a num- 
ber of models, each designed 
specifically for the markets in 
which they 'will be sold. 

'Vt^e GM hopes to putii 
farther into the light commer- 
cial vehicle markets outside its 
home base. Fiat is hoping to 
reverse the trend and pene- 
trate the same sector in North 
America. . This, too, possibly 
will provide a pointer for other 
European groups. 

Flat's oSShoot, Iveco, in 
Januaiy signed a long-term 
contract with Intemationai 


Car-derived vans; c ompetition frag ments market n 

Purpose-bnilt vans: gloom y outlook II 

4-wheel-drivet taking a " iren d. v ” line 1 11 

Fuel economy; m or e desi gn chang es 1 11 

3.5 to 7.5 tenners; market holds up 1 11 

UK; two new c omers Introduced TV 

France; "^a^ket stays lively 1^’ 

Italy: opHTniem for middle sectors IV 

West Germany: waiting for upturn Si 

Spain: multinationals move in VI 

Japan: tougher for Enropean exports VI 

Eflitorii al production: Art hur Daw son 

Design: Philip Hnnt 


NEW REGISTRATIONS FROM SIX MAJOR EEC MARKETS 
(Belgiunif France, West German Vf Italy, Netherlands,' O.K.) 


Actual 


Foreeimt 


Choss veiiide ivci^t 

Light vans iqp-tb.2 tons 
Per cent dhange ' 


293,571 326,239 313,^7 308,943 291,353 297,276 310,732 30M04 305,638 311,686 


Medinm vans (2J1 to 33fi tons) • 407,847 
Per change . ^ 9' 

Ugbt rigids (33 to 7^ tons) 78,217 

Per cent change . .J 3 

Totkl . . ^ — r ^ ?79,e35 

Per cent change' 8 

SmxFCe: DBI Esnl!^ .TriudeIndustEy Services. 


407,847 449,684 466,669 444,456 


422,567 
— 5- 

.63,818 

2 


442,661 467,182 460,166 449,012 465,856 


862,944 857.635 816,141 777,739 812313 860,584 842,245 828,615 


850,50$ 

3 


Harvester (TH). the financially 
troubled U.S. truck and farm 
machinery maker for the sale 
of Iveco-bullt light commercials 
through the American group's 
dealer network in North 
America. 

Until January Iveco was the 
only European company among 
those attempting to penetrate 
North America which was doing 
so without a local partner. 
Iveco has its own ISO-strong 
dealer network but the arrange- 
ment with IH gives it access 
to a further 13 M. 

The contract runs for six 
yem 'and has renewal options. 
It involves the Iveco "Z” range 
of commercials between 5 and 
13 tons gross wei^ which are 
made at Brescia, northern Ita^. 
Most wiU be slupped in chassis- 
cab form to the U.S. where 
bodies will be added locally. 

in, which gave up making 
light commcnnals in 1976, will 
put its own badge on the 
vehides to go through its net- 
work and make other, minor 
modifications. 

As a result of the deal. 
Iveco hopes tiiat its commercial 
vehides sales in North America 
this year will jump to around 


5,000 compared with 2,600 in 
1981. 

To achtove this objective it 
will have to lake sale* frem GM 
•and Ford, die main contenders 
in that market sc.^ouent in the 
U.S. 

Meanwhile, back in Europe . 
light coumieroial production in | 
the major markets seems likely ; 
to present a varied picture tiiu: 
year. But all countries riiould } 
see output improve in 10S3. 

For example, recent forecasts 
by DRI Europe suggested that ' 
in Italy, output of commercials 
of up to 15 tonnes gross weight 
-would slip from 138,000 last 
year to around 131,000 this year 
but recover to 136,300 in 1983. 

West German production of 
similar vehides is also pre- 
dicted to fall, from last j'car’s 
299.500 to 281.000 in 1982 but 
next >*car the forecast is for an 
output of 301,000. 

liie UK should show progress 
from a very low base. Output 
is forecast to rise from 201,500 
last year to 242.000 this year 
and he at 262,500 in 19S3. 

The French production is pre- 
dicted by DRI to continue 
strongly upward, from 384,500 
in 1981, to 398,500 this year 
and 410,500 nest year. 








. ^ cornrneift^m 
ct^tbrn^ 

dldiHbiiUbh pperai^cxi Just as eEfIclently 
an^a deal^^n^^ 
fewer vans 
sIMIar vehicles 

They are not Unu^ial. 
gr€at^ reli^JUty^^^d ^cienc^ of 
Mercedes vans, many of our customers 
Rndth^t^ do Justas well with a 
ariall^fleet 

Merced^ to 6V^tonhe vans 


arehulft for less mabifenance and fewer 
r^iacement parts. They rarely break 
dowi^ vvhich nrieaiis Ih^sti^ on the road 
where th^shculd be, making monp^ 

Theri^ a whole rangeof differ^ 
^feclflc^ons to choose from. 1b b^er fit 
your tran^x>it heeds. 

Thi«e bocty fenglhs. piree roof heights. 
S^ous types and posmbns of doors. 
Loadspac^from 295 to 565 cult. F^oadS 
from 1 .0 to 3.6 tons. Square, straight-sided 
box desi^. And a range of chassis cabs 
forspeclai bodies. 


Thertfs a range of diffierent power units 
From 65 bhp through to 90 bhp. With 4- or 
Sspeed gearboxes, fully synchromesh. 
TWo-way economy 
ybu will probably have heard of the 
famous Mercedes economy story with big 
savings on overall running costs. With this 
range of vans the story Is even stronger, 
thanKs to the highly lavourable 
irfltlal purchase price. 4 

Contact your dealer now f \ 

or phone our regional offices 
in London on 01-^561 5252 ^ 

or WaKefield (0924) 254111. MeradS^z 






line 



'-V V 


03ST YOU iTPAYS YOU 






12 


Fmandal Ximes Thursday July 8 1982 


VANS AND LIGHT TRUCKS H 


Small businesses are now opting for other ranges. John G riffiths explains. 

t 

Competition fragments car-derived sector 


THE GAS’DERIVEO light van 
is a lons-^stablished »d useful 
vehicle, not just for users, but 
the manufacturers then^ves. 

'When new car demand is 
weak, as now, it helps to fiU 
out production capacity. Con- 
versely, in a buoyant market 
for cars, it can be a nuisaasce. 
Fuelling demand for it could 
mean cutting back -on cars, 
which tend to be better 
equipped and to pctraide hi^er 
profit per unit 

It should not come as too 
much of a surprise, there- 
fore, that 'the van version of 
Ford’s Escort is in short supply. 
The Escort has become one of 
the few cars of which Ford 
cannot build enough — k has 
become not only Britain^ but 
the world's, best'«eUing car. 

But this hardly reflects the 
overall picture of demand fw 
light vans in Westenx Europe. 
By Ford’s own estimate, die 
market is 14 west European 
countries will stage a sliih-t 
recovery this year to 346,000 
units— about 22,000 higher th'aa 
in 1981, but weD down on 1979 
pre-recession levels. There is, 
according to For^ some scope 
for growth, to a level of 
perhaps 380,000 by 1990. 

^at is hardly dynamic, but 
the picture painted iiy 
crasifltants, DRl Europe, is 


more pessimkiae. Taking the 
six main European markets— 
UK, France, West Germany, 
Ita^, Netherlands and Selgium 
—it sees a total market 1^ 1987 
of 311,686 units, still well 
bdow the 326,239 levd of 1979. 

But Ford’6 figures include 
very wgiit, purpose-buik 
Japanese ** microvans ” for 
which there are no direct Euro- 
pean competiitozs. 

And while the caMetived van 
has served many users well in 
the past, there is a discernible 
pr^erence emer^g among 
small businesses both for the 
microvans and for the larger, 
one-ton payload porposebuilt 
panel van and pick-up. The last 
two sectors have seen much 
activity in the past two years, 
wkh a number of new pn^ucts 
arriving from both Japanese and 
European manu&otureiis. 

Inyestmoit 

The latter have watdaed the 
growth of the microvans, in 
particular, with some frustra- 
tion. Th^ are cheap — about 
£2,500 in the UK. 

Tdtal European light van 
volumes do sot justify the 
investment in developing rivals. 
And the cost advantage of the 
Japanese in developing markets 


is such that there would be little 
prospect of getting extra volume 
thmii^ sales outside of Europe. 

The minor consolation is that, 
with direct controls on Japanese 
imports in France — much the 
largest light van market, 
oipected to account for 170,000 
units this year — and Italy, and 
the extension of the “ prudent ” 
marketing agreement witii 
Japan in the UK to cover com- 
mercials up to 3.5 tons, the 
Japanese will tend Increasingly 
to concentrate on sales of 
larger, more highly specified 
units yielding higher joufits. 

But the car-derived market is 
twing constrained by other 
faetocs than the Japanese: BBPs 
forecast of Uk^ developments 
in France provides an illnstra- 
tiOD. 

The appearance cm the maiket 
of Beoa^fs new Trafic and 
Master, CicroeD’a C25 and 
Peugeot ^ purposebuilt panel 
vans “ will in a very short time 
have changed the face of the 
van maikeL The huge car- 
derived light van sector is likely 
to suffer permanent loss of 
vobuM to the Tnedimn van sec- 
tor in which almost all these 
re^stiations will faU," accord- 
ing to the eonsultaots. 

Even so, the earderived van 
inaxket tends to be rather mcne 


fragmented than that for 
medium vans. In the past, 
they have not travelled-” well 
across natio^ boundaries. 

The ■ French and Italian 
markets. In particu^, tend to 
be hlgUy nationalistic, while 
staples of the French market — 
the Benantt 4 van, for example 
— luve made no inroads In 
markets such as Britain. 

West Goma^ has all but 
ignored Ctf-derived vans, buyers 
opting instead for medium vans 
such as the VW transporter, 
which has a 3&-year history but 
which In 1980 was relannriied 
as a new model. Only 8,000 car- 
derived vans were sold last 
year. The fact fliat Fmd 
expects this figure to rise to 
11,000 titis year is largdy due to 
the emergence of the front 
wheel drive Escort van, tridi 
Ford's share of tlm market 
expected to rise from 11 to iff 
per cent. * 

The market in the UK has 
{dunged steely from the 92,000 
recorded In 1979 to 75,000 in 
1980, 59,000 last year and an 
ejected 61,500 this year (BL's 
estifflate). 

Ford's flgnres are more 
broadly based to inchxde mlcro- 
yans and very liiht four-wheel- 
drive v^cto, but predict a 
maricet of 65,000-67,000 this year 


(69,600 in 1981) vrith a.rise fore- 
cast next year to around 70,000. 
But again its trend forecast of 
a market stuck ai 70,000 even in 
1991 emplmsises that the.ove^ 
situation for light vansls one of 
long-term stagnation, and prob- 
ably dedine. 

Facelift 

That has not stopped Euro 
pean makers from continuing 
to offer and develop ear-derived 
vans— BL, for eza^Ie, h» just 
face h fted its Marina-based vans 
to give them tiie same frontal 
appearance as the ltd, the car 
which has to see BL ihnmdi in 
the median saloon sector until 
its new LC 10 range appears. It 
is also expected to lamich, later 
tiiis year, a van version of its 
popular Metro — for which 
plezrty of capacity existB at 
Longhcidge. 

Fiat has probably come 
doseet to the microvan concept, 
however, with its Florino, based 
on the Fiat 127-^>ut witii a 
large square box mounted on 
the tear. 

BL, Ford, with hs Escort and 
^nish-boiit Fiesta vans, and 
B^ord with its Vauxhall Viva- 
based HA van still predominate 
in the carderived market, 
scaring about 85 per cent (of 


that diare, Ford has iAoat 
half). 

They are expected to continue 
to held about the same propor- 
tion of spedflcally car-derived 
sales. But again, DBJ forecasts 
ihat these will fall as a propor- 
tion of the total li^t conunep- 
dais market to below 38 per 
cent In 1976 eanderived vans 
accounted for 46 per cent 

In product terms, there must 
now be a question marie over 
continued production by Bed- 
ford of the elderiy HA model 
now that British Telecom, 
which has taken thousands of 
HAS under sole contract over a 
number oi yea^ is seeking a 
different vetairie . to carry 
removaifie mins-worksbop con- 
tainers. 

The more modem Chevanne, 
based on the Cbevette eer, is 
officially idann^ to eontinue 
in production after Qie General 
Motors parent’s new ‘'S'* oar 
is lanndied at the end of this 
year. 

The question, however, must 
be: how long will it take for 
GM to follow F<nd in produdng 
a van verson at its ^-eiew, 
low-cost S car pliant at Zara- 
goaa, ^ain, in the same way 
as Ford builds its Fiesta vans 
at Valenma? 



British Leyland’s subsidiary. Freight Raver, 
for a boost in sales next month from an expand 
and heavily modified range of Sherpa light 
commercials. The new Sherpa aims at nnpromng 
aualitu and reliabiUiy and to lift ^les which 
slumped by 42 per cent last year while the Japa^se 
share of the light commercial market shot up from 
26 to 25.6 per cent. Next year a new vehwle, 
codenamed AfT 210, tvill be launched which will go 
up to 3.5 tons gross weight 


Gloomy outlook 
for panel vans 




ENEATH THE iVECO SIGN 

Iveeo light vdiicles. Trucks, vans and special purpose chassis. From 
delivery vans to mini43uses. From tippers to mobile workshops. Robust; 
adaptable and spacious, 

Economicalforgoods.CbmfortabIeforpeopIeAthomeinthedly. 

At ease on the motorw^. 

iveco combinesthe expenenceand resources of Rat; OM, Magirus 
and Unic The second largest vehicle manufecturer in Europe and sixth in 
the world. . 

In a worid on the move, think Iveco for everything in li^ vehicles. 

IVECn AWORLD OF TRANSPORT 


JAPANESE PENETRATION of 
West Eurt^ean market for pur- 
pose-built vans up to 3.5 gross 
tons stands at just over 17 per 
cent , , 

In some ooontnes, ■ mainly 
♦TwMeft which have no dcmestic in- 
dustry to i^otect, Japanese 
penetration is over 50 per cent. 

Less than four years ago, 
only about six vans in 100 came 
from Japan. 

Thus while European markets 
an shovring an increasing {>ref er- 
ence for the purpose^boUt, or 
panel, van and forsaking other 
sectors such as carderived vans, 
the long-term growth forecast 
for tiie sector is by no means 
gftteg to benefit Entopean manu- 
tecturers. 

Ford- expects the total West 
European market for snch 
vehicles to grow slightly this 
year, by about 5,000 vehicles to 
673,000 and reach 690,000 ui 
1983. ^ 1990 it believes a levtri 
of 747,000 could be achieved, 
based on past trends. 

But not only have the Japan- 
ese made inroads in Europe, in 
the developing world markel^ 
the only ones ofering rapid 
growth, their cost advantages 
have ben increasingly curtailing 
E^uropean exports. 

Consultants DKI Europe see 
exports of such commenaals 
from the main EEC manofac- 
turens falling from 336i,9SS' in 
1980= to 278,658 by 1986. So pro- 
duction fmiecasts to 1988 make 
equally pessimistic reading: 

West Gemony, down from 
250,314 in 1980 to 211,038. 

France, in -a sU^xtiy different 
position because a new genera- 
tion of medium vans is expected 
to absorb many 'tcadithmal sales 
In tibe highly natioindistic car- 
derived van inari^ nevertta^ 
less down £n»n 375,452 to 
366,41L . 

'UK, down sbar^ from 
262,759 to 182,387 by 1986. " 

Italy is expected to show an 
actual rise, albeit a small one, 
from 115.935. to 222,725 by 
1986, reflecting mainly the 
launch of Flatus major project 
wiidi Peugeot’’ to buUd a- new 
range (ff jnst-Jaunched vans, 
being sold as the Fi^ Ducato 
and the Peugeot J5. Ihese prcH 
vide tile 49portiinity more for 
impMt sul^tutiott — mainly 
the Fold Transit and Bedford 
CF— than any major «»paTweinrn 
of the markeL 

The underiyhig reality the 
European- makeis. are now 
facing is that they are going to 
be left fitting with eatii other 
for what effectively wtiH be a 
dwindling markeL 

Until last November, the UK 
was providuig the Haafte 
exaxnple of just bow serious the 
Japanese threat Is. The 
Japanese share of the up to 
3.5 ton market had leapt in just 
12 months from 16 to 25.6 per 
cent. A lot of the cooq>etilion 
was coming from vehicles for 
whhh domestic and Continental 
makezs could offtt no dtrect 
competitOEs: ooeten ' 

tnuAs and tile dimhuxtive 
“ microvan. ” 


sidiaiy specifically concerned 
with maldng medium vans— it 
te now grouped with Land 
Bover in J^une launched a 
much revived and expanded 
range of its Sherpa vans, in- 
cluding four^wberi-drive and 
electric versions. BL’s vans 
operation was close to extino 
tion after suffering a 42 per 
cent sales fall in 1980, at the 
time it was reorganised. It is 
now well into a £S0m invest- 
ment programme, while its pro- 
ductivity has been substantially 
raised by a series of draconian 
measures including a 50 per 
cent cut in its work force to 
14MK). 

It is now seeking to build on 
its TIK market .share of about 
13 per cent, Which although 
placing it second, is far behind 
the 43.6 per cent taken by 
Ford’s TranslL 

The Transit itself, produced 
maixdy at Southampton, is now 
17 years old. Ford acknow^ 
ledges that a replacement code- 
named Triton, and tinderstood 
to incorporate a significant 
amount of {fiastlc components, 
is on the way. It has given 
no indications of when, but 
roinoars around the compo- 
nents industry suggest it could 
come as early as next year. 
Meanwhile it has started im- 
ports of a South African-built 
one-ton pick-up to challenge the 
Japanese, who have dominated 
this sector. 

Best seller 


Salesfimited 

Using tile argument Hue one 
Japanese light commeceid sold 
was one domestic li gbt commer- 
cial unsedd, whatever its typ^ 
tile UK got its " gentlemen’s 
agreement” with Japan limit- 
ii« sales to 11 per cent 
extended to cover the tians 
sector. 

Now tbe Japanese share is 
rack to 16^ per cent and wSD 
fall farther during the year. 

Even if mounting protectio!^ 
ran leads to a dioaq^wn in 
west Germany as w^ there 
5^>radns the questloii of how 
Euf^ wia - treat the IiRasaxi 
vanette medium van. ■ This is 
due to go into pioductioh in 
® Ilian two years at Motor 
toerica in Spsdn, in wUdi 
NiHffl now bolds a 55. per cent 
stake. The production target 
initially is modest: 20.000 intits 
a year, using Perkins migines 
ud Qenca gearboxes to meet 
Spanssh content requirements. 

But if, afrw French objeo 
nous, S{>ain does accede to the 
in theorv 

could switch to uring its own' 
CM^onents and gain am. 
restricted acce ss to iji q rrii wfl ii 
markets under EEC . 

Freight Bover, the BL sob- 


Tbe Transit remains Europe’s 
best selling commerdal, how^ 
ever, and Ford ejects that its 
95,337 sales in 1981 will rise 
to 100,800 biy the »d of this 
year. 

But in the UK it has been 
indul^ng in some major mar- 
keting moves, to keep it at the 
forefront, indnding a speclfica- 
tion-rai^iig and price-cutting 
operation two months ago. The 
tactics have paid off; its 43 per 
cent market risare compares 
with 29.6 per cent in 1981, 

In West Europe overall, how> 
ever, Ford is edged into second 
place tv VW, whidi so far this 
year hu 17.1 per cent of the 
total market against Ford’s 
15.4. 

Its pricing action, however, 
was aimed not at the now re- 
strained Japanese but at Euro- 
pean .importers, notably 
Mercedes and Bang^^Tt. Until 
last year, Mercedes had been 
m iss i ng out on 85 per cent of 
the UK medium van market by 
bringing in only diesel versions 
of its new Bremen vans. It has 
since increased its share con- 
siderably, while Renault has 
benefited from its eotfrely new 
ronge of ^n^c/Blaster vans in 
the 2,5 to 3.5 tons raage. The 
vans to date have been pro- 
duced at a new plant at Batiiy. 
But now Karrier Motors, the 
commercial vehicles arm of 
Talbot in which Renault bought 
a 50 per cent stake, is consider- 
ing assembling it at Dunstable 
as a replacement for the re- 
cently pfaased-out Do^ 
Spacevan. 

Whether it will do so almost 
cert rin^ depends on it being 
successful in the large 

supply contract Dodge has 
hitherto had with British 
Telecom. 

Meanwhile. Bedford, the 
commercial arm of General 
Motori^ Vauxhall cars operation, 
is being sucked deeper into 
GH*s global approactii to com- 
mercial vehicle manufacture^ 
ai^ ^ may . extend to its 
BntiSB designecT and built 
Bedford GF panel van. The 
CP's replacement, therefore, 
could concehablF-like the 
worid car** conc^t— ^lare its 
a^or components with other 
GM medium vans produced 
eround the world.* 

That Is certainly one way of 
getting aroozid sole depezdence 
on the high European costs 
(it conld even involve langg. 
in vrtiich GM has a 33 per cent 
stake, and whose one-ton p**»k- 
tip is sold in UK badged as 
a Bedford). 

^ It- would be very mndi in 
we . with the awareness of all 
Eoiop^s niaken that to pr^ 
dUM vriueles to cater spedfl- 
ratiy xOr national mariMt 
idioqmc^cs.mast be- regarded 
as a thing of the pasb^-or a 
route to commezpial suicide. 

LG. 


t 




■'r 



Financial Tiines Thursday July S 1982 


VANS AND LIGHT TRUCKS HI 


Four- wheel-drive 
market expands 







THS four-virh?et'drivc market 
was once stric'Jy for 
v-tirkhorses, u«ed as much by the 
military as anyone. 0%-er little 
more than a decade, it has 
chansed out of all reco;niition. 

A significant recreoticnal ele- 
ment has crept in, and while 
Land Kover remains synony- 
mous Viirh the "workhorse" 
variety, the mnrke* has become 
almost as fra^ented as that 
for cars. 

Tlie line between what mi^ht 
be vjpwi'd a.s 4wd commercial 
2 nd leisure vehicle has become 
very blurred. Nowhere is this 
better jllustratod than in the 
C3.se of the 4v/d pick-up truck. 

Titkino the UK as an example, 
Tovnta'.'; Hi-Lux one-ion pick-up 
took 9 per cent of tlie total four- 
wheel drive market last year. 
Its cab looks like that of .a car 
and contains car-standard fit- 
menif'. Its large, open load 
platform allows it to earn.' 
buildeps’ soods or liayhnles with 
ease across countr>'. Ye* it has 
also hocome a “trendy" vehicle 
nerfectlv acceptable to be seen 
in socially. 

Daimlcr-Pen:: launched sales 
last year of }t; joint 4wd nro- 
ject with Steyr riaimler Piich 
exDccfinj a highly .specified 
version pi(ch“d directly .nt EI^’s 
K.oncrcr 'Ro\-er to sell be.st in 
Britain — ^Iiy imnllration more 
to the leisure market than the 
utUiN/commerrial side. Tt got 
thincs v.Tonn. The basic diesel 
version has proved the winner. 

Despite the dirfieulties. 
sever.ll other European mam;- 
faciurers are nov/ probins the 
4wd markets, to see in which 
riches extra sales rnUht be 
picked tip. with, as in so many 
other sectors. J 3 pane.se vehicles 
prorldinv the main obstacle. 

But Frei.7hi Bnver. the BL 
suhsidiarv specifically con- 
cerned with makinv lisht com- 
mercial vans, has been sufS- 
dently encouraced to become 
the first British volume maker 
to sr.'trt production line manu- 
facture of 4wd pick-up? and 
chassis cah.s. Thev are based 
on it.s just-launched revised 
Sh''rpa ’■an?. 

Freight Bover l.a now part 
nf the Land Bov^r CTOfn, and 
the new 4^vd vehicle offers a 
natural complement to lAind 
Bove’-'s established ranae. The 
4vd Sbema *5 aimed at puhlir 
uHh'fres. aaricultiiral and civil 
enrinecplna industries, and 
passenger<an:.-ln 2 versions— 


ODS obvious use is as crewbuses 
for large-scale coastmcLion 

sites — arc being offered to 
special order. 

Volkswagen also plans to jolc 
in, with a vehicle based on :hs 
world's single best-selling 

medium van, ihe Transponer. 
Like D^imior Benz, .its model 
is being developed by Steyr 
Daimler Puch and ij likely lo 
be launched in a'oout two years. 
\^V wouid supply the mechani- 
cal and body parts, SDP the 
spcfici transmission. 

The .’apanese, however, now 
lead whet at one time was >1 
U.S.-dominated market. 

U.S. demand fe!! 

In 1973. tho U.S. built tv/ice 
as rannj’ 4wd vehicles .’S tho 
re..t of the world put toeetber. 
But U.S. demand slumped vrith 
the second oil crisi.s and. by 
19SO, .Tipan was building 4^ per 
cent of the world’s total output 
of S40.000 vehicles. 

Toyota became the largest 
producer, m.ikinc lSli.900 
vehicles, overtaking .Teep. whose 
output bad 'oy then fallen to 
125.700, compared with a 
historic peak of 270,000. 

To put Land Rover in perspec- 
tive. current output of the croup 
—covering Land and Bange 
Rovers — takes up ahou: 7.5 per 
cent of capacity totaliin? 85.000 
vehicles a year (but which is 
being expanded). 

The Japanese initially u^ed 
4 v.’d vehicles as a device for 
gainiDg access to developing 
w-orld markets, where iirpnrls ! 
of built-up cars were banned. | 

This move allowed the 
Japanese to set up networ'Ks ^ 
through which cars could ; 
eventually be distributed — nut i 
also allow'ed them to take the 
lead in 4 wd output. Their price j 
advantage makes it almost | 
impos.sibIe for them to be dis- 1 
lodged, although. Land Bo;i*cr ' 
insists that there Is some back- 
lash develepiog against the 
shorter lifemf all-steel Japanese 
vehicles compared witii its own 
aluminiun-bodied models. 

Next year, however, it is 
possible that they will find 
themselvc.5 facing more com- 
petition in those maricets— if 
plans for an all-new Jeep now 
being developed pay off as 
hoped. 

Jeep, part of American 
Motors Corporation since 1970, 
came under ihe Renault 






^ . 
^ * • 
4 . 





Demand holds for 
medium trucks 


DErCU.'D irr BrUslr for 
comrr.rrcial vehu’lcs in the 
to 7.5 tor.re range has su.’icrod 
le-s severely in Lho past y^ar 
th’-n --thir .?ccrors of the mar.kct, 
prohibly due to Lhe .ill-purpoife 
nature oi tvucrts suen as liiesc. 

Iklft.Tor manufacturers hive 
inng been av.arc ce the strength 
c-i t'ols middle scvm'T.t of the 
atar.-wt, due to the ncces-arj' 
replacemor.L cf cver:.'day 
deliver;-’ ve'eie’es. nad com- 
pehiion has aiso been intense. 

Fo."'J’s Cirio medium truck, 
introduced last year, was its 
most important Jaunch since the 
T.-ansit v.*;n 2R years ago. j.od 
Ford n&'.v holds 42 per cent cf 
the 3.5 to 7.5 tonne market in 
the UK, follo’.ved by Dodge 
17 per cent, Bedford ivith 24 
per cc.-it and Leyla.nd Vehielos 
with 10 per cent. 

Ford's growing strength i.n 
th? Eurnpcir. msTket is unJilrciy 
to be chaiiengod lor sun;-.* limy, 
bjt General Motors nov.' has a 
new manaccmvnt team in place 
to orzsrise the design and 
ma-oufacluro of a world 
truck " siong the lines of Lie 
“werld car." 

AiLheush le-s rJuTirxlt than 
cor prodacilnn cf this kind, 
with compone.'its boieg inan’u- 
facrured in large cumt-ries in 
various parts of the 'vorlu, tlie 
e've.'itual profits fros: world wide 
sales are potentially -.er;.- grsaL 

Maior roJe 

Bedford sunsidiarj-’ i.n 
the LK with its long marketing 
e.-qjeriaaco, hss 'iH-ed entrusted 
with conticerrial vehicle 
development in Europe .md is 
Iikc;y to play 4 major role in 
this programme. However, the 
vcrj’ir.g regulitions, tmek 
weights and roquirsments in 
European countric-y are iikeJy 
to prove a major r»bit:<'’le 

Bediortl offers its TL model, 


Inri-oducc'.'. vvo yo.irs ego. in 
TfV.'i sce'er, ani alfc iko 

older Bedford TK wlnic.h i'.us 
.Tj’.v beer, overltkcn in ieIcs 
volume by ‘.he newer U'uck. i‘ 
is recvr.r.i;ec! fiuE it ’Ail! ' 5 -? 
some year? before a "’.vorl'a” 
model v’iil be on ‘.'oe m.irkcr. 
an.'J :'ni5 Is cj.'pected *0 be a: 
'JiC lighter end oC ti’.e com.’ntr- 
cic! vehicle specLnim. 

Dodge, jointly ov.Tied by 
?eu.goot c! France ;u:d Bena’jft 
Ve'r.ic’es Incusiricis. is .nlso 
f-trong in Lhis secror of sJ:’ 
.market, deriving 1 high propor- 
tion of iis 3ri'.!.-h sile? from 
!i;e Dodge Se:ies, v/hich iv.s 
a wide varic*;.’ cf ’.’chicle 
•.■.•e:gh‘,r. tVsthin the lower h.-ilf 
of this sector. Dodge clainLs to 
be the market leader and ;> 
opriiuistie about signs of 
improvement in demand. 

The number of reeen*. rezuia- 
‘ior.5 hr.'i been diitor’ed by a 
Ford .sales campaign, but ‘Jicro 
are indications of an intpro’.’e- 
ntent ;it the underlying trcacl. 
pariicularly from rental com- 
panies moctinz I'ne sbort-torm 
rc;:iiroTnen;.s of industr;-’. 

ITo’A’ever. fQrcca,"is ti;at there 
’A’ouirl 'oe a vubst.’intial recc’ vr;:' 
in Lie ITK. market this year 
are no’.v .discounted, .-.r.’J :s 
liuely. n.Tording '.0 Ford, tket 
regi.‘;tr?liori.s v/ill not exceed 
those of 19?!. 

Lei’Iand Vehicles, now the 
smallest UrT supplier to this 
section r.f ’he mar.-tet. n.Ters 
two verrIODS of its Terrier 
range ‘under 7.5 tonnes, snd 
dearly iooru; for.vrj’rl te 
rcpIu'.’e.'Tic.'if pionriCd for l.’*S4 
to rc.’fore :ts pooiiion. 

Lcyland poir.ls o’Jt tl’.rt this 
!s a iec’ur uf .he rr..3rl’et v.’krre 
:t TTitisr have a strong presence, 
since it accoMutcu lor one in 
three of all UK truck sales last 
year. 


umbrella as a result of Renault 
taking control of .A7.IC to 
develop its U.S. car and truck 
sales. 

Tills has given Jeep rhe back- 
ing needed to bring 10 the 
market next year a much lighter 
and more econamical model 
Lhan previous six and eight 
cj’linder versions. It is aimed 
not only sc reriring demand in 
the U.S., bat to take on Japan 
in oil world markets. 

Inevitably, unaC also means its 
sale in Europe t'nroug'n BensuJt's 
oxtonsi’.’e dealer nel’.vc.rk.*?. Con- 
versely — and par-.icjiarly jio’a* 
tiiat the stcriing-doliar ratio has 
become more favounible — ^Lond 
Rover is seriously roosidering 
pullins: the Range Rover into 
Ibe U.S. through BL's Jaguar 
cars ner.vork_ The case for doing 
so will be strengtii'^ned in a few* 
months time 'A’'non the first 
automatic Range Rovers, 
oxpcuied to use tne Chrysler 
To.njuefiite traasinisslons, are 
due to appear. 

Both Fird and General Motors 
ere also planning lighter w’eight. 
more fuel efficient versions of 
their 4-wd products. Their 




. .-f 



More emphasis on 
fuel-saving devices 


,-, 7 . ■- 


The Land Rover high capacity pick-up 


“ do*A*nsizing " to allow the use 
of new-gencration small 
displacement engines means 
that they, too, will be taking 
on Japanese imports virtually 
head on. with possible exports 
to Europe and elsewhere. 

Back in Europe, the one 
major development of past 
vear has been ti:c project to 
build the Nissan Patrol 4u*d 
in Spain as a result of Nissan 
takiag a 53 per cent stake in 
Motor Iberica. 

Output of 20.000 vehicles a 
year is planned, raro-thtrds of 
them for export. The impltca- 
tloos for greater penetration of 
tlie Eu.-’opean market, presum- 
ing Spain manages to overcome 
French hostilio* to its accession 
to the EEC. are obvious in that 
they would not be subject to 
current constraints on direct 
Japanese imports. 

.4nd in Spain itself, they now 
compete head on with Land 



Rover production under licence 
at Metallursica Santana, in 
which Land Rover has a 49 per 
cent stake. Yet Santana has 
also been talking with Suzuki 
about building the latter’s U-80 
mini four-wheel-drive utility' 
vehicle. An agreement Is ex- 
pected this year. Suzuki would 
not compote with Land Rover, 
however: its engine capacity is 
only 80<J cc and its pay load 
much smaller. 

All this aetivitj- — ^Land Rover 
itself plans to launch a virtu- 
ally all-new Land Rover next 
year and promises “ a steady 
stream" of further models — 
means that the chances of total 
4wd output growing consider- 
ably are good. 

AMC's own estimate is that 
by 19S6 it could reach betwreen 
1.9-2m. compared with 1.2m in 
1980. 

John Griffiths 


'J . >. -4. * 


FUEL ECONOU7 continues to 
be a major pre-occupation of 
van .and truck man^actucers 
since potential savings have 
become an important pait- of 
the sales approach of most 
suppliers at a time when 
incentives are a vital part of 
selling. 

However, the scope for signi- 
ficant redactions in fuel con- 
sumption is now fairly liixdted 
and most manufacturers have 
followed similar paths in 
achieving them, notably through 
modifications to truck engines 
and improving aerodynamics. 
Longer tezm prospects are 
better on both fronts. 

Virtually all British truck 
manufacturers now . offer the 
option of turbochazsing on 
medium and heavy vehicles, 
usually increasing ex^gine output 
by a limited amount but at the 
same time redudng fuel con- 
sumption by up to around 10 
per cent in optimum conditions. 

Bedford points out that the 
additional cost of a turbo- 
charged engine, perhaps around 
£400 on a 7.5 tonne vehicle 
which may cost £10J)00, is a 
relatively small price to pay 
and will be recovered relative^ 
quickly through lower fuel 
costs. 

The company offers turbo- 
chafed options on all its diesel 
engines, and points out that it 


has the additional advantage of 
fedudng engine noise. So far, 
aerodyzmmic inq^rovement re- 
lates mainly to wind-spoilers on 
trusts, but Bedford and others 
are doing experimental work to 
tidy up airflow around vehicles, 
with the additional advantage of 
reducing sidespray. 

Intercoollng and other zneans 
of improving combustion effi- 
ciency are also being used by 
a mimber of maznifacturerssudi 
as L^and Vehicles, as are 
road-speed goveniors and' air 
t^ttl^ n^ch ' back the. 
throttle off when a . desired, 
spe^ is reached.' 

Another popular device Is the 
matddhg of transmissions to the 
kind of use an operator is likely 
to have'for his vehicle, imimv- 
ing operating efficiency, but the 
most important savings are 
likely to come from the develop- 
ment oif electronic ^gine con- 
trols whUffi are under devel^ 
ment a nunmer of con^anies 
in the. UK and.abrpad. 

A relatively unsophisticated 
system of this land has been 
fitted to BL Freight Rover's O 
series.ehgine on ihe Shezpa van 
which producers a leaner fuel 
mixture when- the vehicle Is 
cruising. BL has also improved 
its. casting techniques on the 
en^e to produce more- consis- 
tent fuel consumption eharao- 


teristics. 

Attenqils have also been made 
to cut warm-up fuol consamp- 
tion by means of special plug.5, 
while an ZJ’G powered version 
of the ^erpa is said to. offer 
a 20 per cent reduction' in run- 
ning costs. A number of these 
improvements are likely to be 
adapted for use on BL cars. 

Dodge has introduced yaiioss 
fuel saviog incentives on its 
50 Series, and will soon offer 
revised rear aide ratios to pro- 
vide more economical gearing. 
On its heavier Commando range, 
a new Perkins engine is to be 
introduced soon, again with a 
variety of economy options. 

Diesel engines in smaller 
vehiries continue to offer only 
limited savings due to the cem- 
paratively small difference 
between petrol and diesel prices 
compared to continental Eurepe. 
while a number of manufac- 
turers such as Leylasd Vehicles, 
and Do^e have electrically 
powered trucks in various stages 
of ' acceptance in the market 
place. 

Overall, the drive towards 
economy within the industry is 
now well under way and recent 
research work is coming to 
fruition, but it is clear that elec- 
tronics is the key to significant 
breakthroughs in future. 

Lorne Barlias 
















- M ■ 

■ ■TT. •4' 

-v- 


ihe Bedford CF230 and CF250 are Alotofroominthecab- 

the only British short wheelbase \'ai3s The CFs sensible seating position 

that take an S 'x4' panel flat on the floor and wade doors aHow the driver to get 
with both rear doois firmly shut in and out as often as he needs wi 

V^Colch makes them the only British out discomfort 
\ans for which ^-uu don't have to pay All the controls and the paieel 

a long wheelbase premium, simpV to shelf are within easy reach, 

earn’ the load you need. AndU\^fy’perfonnance,smafl 

^ tuiningcircleandroad-hugging 

I independent front suspension 

I \\ make the CFa pleasure to drive; 

a I I r i A lot to choose from. 

5 f ^ ~i Ilf The Bedford CFvaniangecan 

J jr if cater for an immense variety of 

B business needs. 

r :^ ' i ♦ ^ It offers you hro whedbase&Three 

^ engines (one diesd and two petrol] And 

GVWs from 2,34 to 3,5 tonnes. 

And there are also chassis-cabs and 
Because finding the most cost- chassis-cowlsa\^Iableforspecialbody- 

efficieniw’ayofprowidingpracticalload- — workapplication& 


with both rear doois firmly shut 

V^Colch makes them the only British 
x’ans for which ^-uu don't have to pay 
a long wheelbase premium, simpV to 
cam’ the load vou need. 


^ i 

cn f 
e l 
ca P. 


-iJr 

.m 



Because finding the most cost- 
efficieni\v’ayofpro\idingpracticalload- 
caiTlers is what Bedford business 


Alotftblb^YPiir Bedford dmW 

. Nbwis the.besttfihe to tniktoyour 
Bedford v^dealen : 

BecauMiviiat^^ 


reaiiy means. 

A. lot of feafnres. 

Svv^Gwlng large loads \\athin 
compact exterior cimensions is only 
one of the Bedford CFs attributes. -^ 
We\'e put a lot of design and ^ 

engineermg into CF to make the ^ 
range one ofthe best available in ^ 
terms of comfort, dri\1ng leliabiliiy 
and servicing. 





The CFs new rem- 
ovable finnt end lets 
pi'v you get at the eogm 

without anything . 
^ getting in the.w^.. 

makes servic- 
maintenanoe 
a lot easierand alot 
r quicker.Andtim«;aswe: 
all know means moneji . . 


sorc that the Bedfbid. CP now gives 
you even zofHrefar even les& 

Apid ihatklndof eronoinv Tnak pg 
BetferdhiKiiifiss sense. 








\ 








14 


Financial Times Thursdaj'. July S 1982 


VANS AND LIGHT TBITCKS IV 


BL and Ford have two newcomers for the peak sales season, says Kenneth Gooding 

Cashing in on the August 


UK REGICTRATIONS BY MANUFACTURER 


Car-darivsd wans WBn-6 ar‘daHwd vaiw 

“uil 1980" 


Ll9ht4x4 

vahichM 


mai 1980 MSI 1980 



THE U K. 


BRITAIN'S LIGHT commercial 
vehicle market has been en- 
livened during the past month 
by two important introductions 
—one by BL and the other from 
Ford, timed neatly to coincide 
.with the peak. sales season. 

Buyers of light commercials, 
rather like private car buyers 
in Britain, are influenced by 
the arrival of the new registra- 
' tion letter in August — this 
year it is **Y” — and often delay 
purchases until they are 
entitled to the new su£Rx. 

And it was particularly im- 
^.poitant for Ford to get its new^ 
comer on sale by August because 
the new vehicle is a one-tonne 
pick-up, the FIDO. Around one- 
quarter of the total annual sales 
in Britain of this type of com- 
mercial vehicle take place in 
August 

BL's conlributdoD comes from 
the Freight Rover subsidiary in 
the form of a much expanded 
and heavily modified range of 
Sherpa tight commercials. 

Freight Rover came close to 
being killed off last year, but 
is being nursed buck to health 
with the help of a £30m lD%‘est- 
ment programme. 

The money was partly spent 
on a replacement for the eight- 
year-old Sherpa van range and 
will be completed next year 
when a new vehicle, code-named 
the MT 210. will be launched. 
This will go up to 3.5 tons 
gross weight and plug the gap 
between the existing Sherpas, 
which end at 2.5 tons, and the 
Leyland Vehicles’ trucks. 

Launch postponed 

The new Sherpa was due to 
he launched in November but 
the recently appointed manag- 
ing director at Frmght Rover, 
Mr Tony Gilroy (previously 
manufacturing director at 
Austin Rover, BL's car busi- 
ness) pulled forward the date 
to capture sales during the 
.\ugust boom. 

Freight Rover was separated 
from Austin Rover 20 monlbs 
ago, when there was a major 
overhaul of operations at the 
Solihull plant — including the 
Installation of a £10m paint 
plant — and productivity pushed 
up by one third. UnfortunateJy, 
this involved cutting the work- 
force by half, to 1.200. 

With the help of the heavier 
ATT 210 ne.Kt year, Mr Gilroy 
expects to double ouQ)utbymid- 
1983 to 600 a week. 

Already. Freight Rover has 
halted what promised to be a 
fatal decline. Last year the total 



Tile Ford one-tonne pick-up bused on the Cortina 
is manufactured in South. Africa 


light commercial vehicle market 
(excluding car-derived vans) in 
Britain fell by 17 per cent to 
98,700 but Sherpa sales slumped 
by ^ per cent. 

Mr Gilroy attributes the poor 
performance to two main fac- 
tors : a past reputation for jmr 
quality and reliability (putri^t 
with the uew Sherpa) and in- 
creased penetration by Japanese 
vehicles. 

The Japanese share of the 
light commercial market last 
year shot up from 16 to 25.6 
per cent, causing an outcry from 
the UK-based manufacturers. 

Light commercials provided 
the main topic at last year’s 
meetings between the Japanese 
Automobile Manufacturers 
Association (JAMA) and the UK 
Society of Motor Manufacturers 
and Traders (SMMT). 

After some tough talking, the 
Japanese agreed to be just as 
“prudent” in their approach to 
the light commercial market in 
Britain as the)' had been (since 
1975) in the car sector This was 
understood by the British to 
mean that in 1982 Japanese 
penetration of the light commer- 
cial market would come down 
to between 10 and 11 per cent 

The decision by their suppliers 
has dismayed the Japanese 
vehicle importers who the 
prospect of having their com* 
merdal vehicle allocation out 
by half (his year from the 19S1 

The Japanese argued that 
many of the vehicles Yhey were 
exporting to Brit^ filled gaps 
In the market {or which there 
was no European competition. 
They pointed, in particular, to 
the micro-vans and the one-ton 
pick-ups. 


However, in the past year or 
so the Japanese switched atten- 
tion to more-conventional panel 
vans on which there is nmre 
profit to be made. And this 
brought them into head-on com- 
petition with locally produced 
Ford Transits, BL Sherpas and 
Bedford CFs. 

Ford has fought back by ** re- 
aligning ” the prices and speci- 
fications offered on the Transit, 
Britain's best-selling commer- 
cial. This process involved 
cutting price.s slightly and - im- 
proving the specification of the 
Transit interior to bring It 
more into line with the Japa- 
nese product. 

The Ford move was also de- 
signed to combat the' growing 
penetration in Britain of Mer- 
cedes . liglit v^ which have 
been given an extra boost by 
the addition of petrol-engined 
versions to go with the diesels. 

Ford also decided to take on 
the Japanese in the one-ton 
pick-up business. To do so it 
has turned to its subsidiary in 
South Africa which manufac- 
tures a pick-up . based on the 
Cortina and incorporating 
Ford’s widely used 1.6-litre 
Kent engine. 

Pick-Dp boom 

Ford reckons that one-ton 
pick>up sales in Britain have 
reached a le\’el which makes 
the sector impossible to ignore. 
But demand was not great 
enough to justify local produc- 
tion. 

UK sales of one-ton pick-ups 
rose from 7,171 to 9,906 last 
year — the onl>* part of the 
car or commercial vehicle mar- 
ket to show any advance. 


Ford expects to sell 4,000 of - 
the PlOO pick-ups in a full year 
take about one-third of 
total sales. 

The group thought hard and 
long about where it should 
source the pick-up because it- 
has good relations with the 
Japanese group, Toyo Kogyo^. 
in which it has a 25 per cent 
stake and which has been sup- 
plying pick-ups to Ford in the 
UB.' for many years. 

Ford's main rival. General 
Motors, dedded two years ago 
to use its Japanese associate, 
Isuzu (33 per cent owned), to 
provide pick-ups for Europe. 
The. vehicles arrive fully built- 
up in Britain, complete with the 
Bedford badge with whidi they 
are sold. 

Bedford is the commercial 
vehicle subsidiary of.Vamdiall, 
in turn .owned by General 
Motors, and as such will be 
heavily involved in GMs “ world 
truck" project. 

GM will use the talents and 
facilities ^ its North American, 
subsidiaries, including Chevror' 
let of GM do Brasil, as well as 
Bedford and Isuzu to develop 
components which could be 
^ared in commercial vdilcles 
produced in any part of the 
world. 

According' to Mr John Flem- 
ing, Vaii^all’s chairman, a 
purpose-built van to rejdace the 
Bedford' CF (Last facelifted in 
September 19M) and a medium- 
weight truck of between 7.5 
and 16 tonnes are being con- 
sidered for this GM “world 
truck" project. ' 

Britain’s other producer of 
light commercials, the former 
Dodge company, was acquired 
by the Feu^ot group when it 
bought Chrysler’s European 
operations, subsequently re- 
named Talbot 

In • April last year Fe^ot 
sold half Dodge to its French 
rival Renault which took over 
management control of the 
joint company, now called Kar- 
rier Motors. 

Karrier has been restructured 
by the new management But 
Blr Laurent Brisset chairman, 
says the UK Government has 
been given an informal under- 
taldng that the existing manu- 
facturing facilities at Dunstable 
and tbe other inteirests will be 
developed and expanded. 

MuA depends on Karriei's 
ability to replace tite business 
lost i^en the 22-'year-old Dodge 
Spacevan vrent out of produo- 
tion in March. Karrier is among 
the contenders (with Freight 
Rover and Ford) for the Briti^ 
Telecommunications light van 
contract, a decision wMch is 
expected in the autumn. 

Renault has introduced on the 
Continent tbe Master-Trafle 
van range which would be suit- 


OAe forTtiecom use and there 
are suggestions that, even with 
out the contract the Ihaffic will- 
be prodne^ at Dnsstable if 
demand is sreat enongh- 

An'tiie mctraordinsiy msricet-' 
ing activi^ so far tbis year — 
Ford bad a Tran^ promotion 
for dealers followed by the 
price re-digxunent; BL dealers 
'were anatu»iaUy encouraged to 
sell off the remaining old 
Sherpas qni^y; and- the dis- 
appearasoe of so ' many 
Japanese vehides-^ve. di» 
torted light -commercial sales 
considerably. 

The Somety of Ifotor Manu- 
‘facturers and Shraders provides 
a coDseisus of opinion, how- 
ever, and estimates thsft light 
cmmoucial .'sales — to 3.5 
tons gross wei^t inriuding 
caz^ezived -vans^-will move up 
&om 170,000'. last year to 
178,000 in 1^. 

On the prodoctioh front, DRI 
Europe^ the former Economic 
Models group, forecasts that UK 
prodnetion of vans up to 3.5 
tons (excluding car^rived) 
this' year will he d)out 185,500, 
compared witii 156,200 in 1981. 
Of that output DRI estimates 
timt 105,^ will be sold in the 
UK and the rest exported. : 

The forecasters suggest next 
year’s van ouQ)ut will rise to 
198^700 of which 119,100 wUl 
he for the home market. 


The right vehicle at the right 
cost. TOien you are operating a 
van fleet, knowing what you 
are looking for is only the 
problem. 

Too often when the price 
is right the vehicle isrit. Andtlie 
total cost of operation is some- 
thing you can't always predict, 
wlien reliability is such an . 
important factor. 

The new Sherpa was put 
through its paces by a stunt 
driver, in a series of unortho- 
dox but punishing tests. 

It was driven off a three foot 
ramp at speeds up to 50 mph 
and it emerged intact, dramatic 
proof of its basic strength and 
(durability. 

Vertical body seams and a 
nevvcathodicefectrocoatpaint 
treatment are a p^t of a 16 
stage anti- corrosion process. 

Altogether the new Sherpa 
embexiies over twenty five 



The news 

Built toU 



significant raodificaticins, most of them 
based on customer advice. . 

All this on a base of proven engineering 
and fuel economy ■ 

And it's- now more versatile too. Tliere’s 
an even bigger range of fectory built opt- 
ions, including a sliding side door that will 
take a pallet from a fork-lift truck. 

And if you have a particularly difficult 
specification we'll discuss your needs with 
you, designandcustombuild an adaptation 


that precisely meets >™r fleet demands. 

Llstprlces start at E385&. ■ 

V-i/fite or telephone Rory O'Connor at 
Freight Rover. 

He'll be glad to answer any c^tiestions 
you might liave. 

■And Virelcome you to a list of satisfied 
customers that include large public.' 
ccKjxjrations like the Post Office, as well as 
companies as diverse as John Laing,. . 
Currys and Tarmac. 


BL: ' 

AosL Morris (GB) 17,899 2^728 
Fr'ght Rover (GB) ^ 

Total BL ....17.899 24,728 

Daihatsu (J) 

Datson <J) ' 1,254 1,6^ 

Flat Auto (I) 2,830 1.095 

Ford: 

Ford (GB) 18,762 

Ford (E) 3,303 

Ford (NL) 

Tot:ti Ford 22,065 

(General Motors: 

Bedford (GB) 10.437 

Bedford (J) 

Opel (D) 314 246 

cat oUiers 1 

Total Gen. Mtrs. 10,752 14, <38 

Honda (J) 1 ^ 

Jeep (U.S.) 

Han/VW (D) 

Mazda (J) - 

Mercedes Benz (D) 

Mitsubishi (J) 

PSA» 

Dodge (GB) , ^ 

Dodge (F) .'. 1,424 2,«99 

Dodge (E) 

Peugeot (F) 795 426 

Total PSA ...... 2,219 3,225 

FSO*(P<ds.-Fiat)-^L ^ 

Renault (F) .*.... 1,165 

Subaru (J) ......... 

Suzuki (J) .......... 

Toyota (J) - 

Vag-(VW> (D) ... 

Otiiers (GB) ■ 

Others (imported) ^ 

Total British .47,113' 62,802 

Total imported...*... 1L481 12,110 
Total .....58,594 74,912 


8.540 14,702 

8.540 14,703 

1371 oil 1,183 1,595 

5,888 5,900 

577 775 


23,567 32,490 46,850 
2.806 ^ ^ 

36,373 33yW3 46,852 

14,492 12496 14,940 

L640 795 

126 154 

13,962 15,889 
4,031 3465 

3.774 4,938 

3,881 L751 

3,123 2,126 

2,133 1400 

5,193 6,665 


157 147 


91 


767 

5,960 


L104 

7,769 


322 

597 





M65 

1,599 

1,531 

240 


1,827 

1429 

^ 80 

876 

I486 


1,012 

727 

4421 

5,090 

999 

888 

611 

1 

4,896 

6,609 



15 

15 

83 

164 


335 

1 

6 

116 

190 

277 


58,502 83421 
40404 34,940 
98,706 118461 


3,666 6424 

5,546 4,921 
11412 11.745 


Source: Society of Motor Manufacturers and Traders. 




Bmm 

TV'bum Road, Erdjngton, BirrnmghamB24 8HJ. 



- Tel: 021-3:3 1777. Telex: 338641. 


The Renaidt Trojic van: part of the Eun^anising trend to compete 
on fh$ same grxnam as volkswag^ Mercedes and Ford 


Small van market 
stays buoyant 


FRANCE 


FRANCE’S small-van market, 
one o£ the few buoyant sectors 
of the motor industry in-198L 
is showing continuii^; signs of 
growth this year. Manufacturers 
expect this early acceleration 
to slow down in the next six 
months. But they still believe 
the total market for vehicles of 
ZQ} to 5 tonnes come out 
at around 290, <XX) units, about 
the same as last year. 

The liv^ness of the smaB- 
van market presents a marked 
contrast to. the deep slump that 
has .hit France's heavy truck 
sales. But tiUs is parQy ex- 
plained by the' difference in 
the economic factors infiuenc- 
i^ the two sectors. 'Whereas 
big tru(te are contimtmg to 
suffer from the underiying 
weakness of the economy, vans 
benefited last year . from tbe. 
boost .to consuzQption given by 
the Govezmnentis taijectloa of 
spending power. Retail com- 
merce->4 . sector -which - has - a 
leading impact on van sMes — 
Is still enjoying the effects of 
this boost in demand. 

The variety-of ziew' products 
That have come on to' tbe mar- 
ket leemitly' has aH6 'playe3~a' 
part in boosti^ Ffmndi de- 
mand. 'With the latest range of 
products, Remnlt and Peugeot 
have caught up with the small-, 
van trends elswhera in Eorb^, 
ahandoning some of their idio- 
syncratic ^lii^" tendencue^ 
and developing' vehides de- 
libmtely ' ^med at competing 
on the same graunds as V-olks- 
wagen, Merced^ and Ford. -The 
Renault Trafic- and Master 
series, and the Peugeot JS-and 
J9 are all part of this European- 
ising tremt-randeed, the J5, 
sold- by the Gitroeh; branch, of. 
Peugeot as the G25, is produced, 
jointly with Fiat in -Italy. , ^ 

Foreiga pressure' ■ 

' At the sanie tune,'^iihe lunr- 
ket has been stimulated by ^ 
continuing pressure from over- 
seas producers. The modern 
range of vans -that -emerged- 
froci Mercedes, Ford, VWand 
Fiat is the late 1970s, eom- 
blhed vdfh the devtii^mieht of- 
-&eir . gales. hetv'oila; .-lmve all 
brou^t pressure to bear on- 
the - French- manufacturers. ' 
Japanese competition,- . bas^. 
more strongly onpriee,'has' also* 
made .an im^cti altbOu^ faS- 
back last year and ih the- 
early tnonths. of this year..'. 

The net resuk of this push 
by Izivorters was a 7 per cent 
rise in ithe registrations of for- 


eign produced vans of -i^ to 3.5 
tonnes from 42,400 in 1980 to 
45.400 last year. The West Ger 
^ims, aided by the undervalued 
D-Mark, and the big develop- 
'ment in the Volkswagen net- 
work following (he Talbot re- 
organisation, made a particu- 
larly large incursion: Volks- 
wagen sales, for example, rose 
from 6,700 units to 10,590, and 
Mercedes’ from 5,098 to 6416. 

The pu^ by impe^m is still 
continuing. Indeed it has inben- 
' sified this yew at the expense of 
tiie domestic manufacturers. 
Over the first quarter, iznpoftersi’ 

: sales in the sectw uip to 3.5 
tonnes rose by almost 18 per 
cent from 10400 units to 12,700. 
with Ford, -Fiat. Mercedes and 
,'VW all registming substantial 
advances. 

Most of these gains by the 
importers look as thou^ .th^ 
may be' permanent. Foreign- 
made vans account for about 
17 per cent of the tot^ m^ket, 
Compaied with about 14 per 
c«it three .years ago, .and the 
znain -marques now have 
strongly entrenched distribu- 
tism networks. Frendi cus- 
Rrmers have- dearly made an 
Iniportaht psychoio^cal switch 
in the past few years, whidi 
will make it . extremely difiicult 
for the homebased masufae^ 
-turers to puH back to ^eir tradi- 
ticmal levd& of marit^ penetia- 
ttjon. 

Tbe French product have to 
some, extent compensated tor 
this Invasion by' pushing up 
ti^eir own exportSL- -The new 
Renault . -and joint Peugeot^ 
'Citroen products iffe designed 
like the 'Volkswagen Transporter 
and' Mercedes 207 .vans,' as p»n- 
Eiiropean products, and they arc 
gradually. Iming introduced to 
overeeas distribution networks. 

These moves have stni to 
make their mark: because Die 
vebicl^ they replaced were, not 
•cptfceived . as - • -exportabie 
■ products, aod the e^ort effort,, 
wiffi. all ~that implies in terms 
-of dey^ing' 'the, dis&ibutiop 
.^teoi, is-stiji jti-its izifam?;: 
But according . to the French 
MaAufactuFers’- ' • Assod^on,.- 
exports of vans of up to five 
ttmnes increased 'by 2 pee cenit 
to ^.000 units in' the first four 
months-of tbis year^ de^ts the. 
' d^ression In the European 
' mai^t as a. whole. -40' 
per pent of the Renault Master 
range'is-already sold ovemeas, 

- abo^t . ih'e -same percentage as 
Ihe 'ageing; ;i)ut .still ■populm’ 
;R4. ear-denved' 'ftui^onette;. 
exjmrfs of th'e ' Trafic,' account- 
;ing for only about '25 per 'cent 
of production; are still at jaii 
early- stage of develi^knent - ' 

These figures are expected to 
dimb now both- of the French 
manufacturers have filled out 


their range of vans and have a 
fun portfOMo of products to 
offer overseas clients. Renault, 
wiih the small R4 fourgonette, 
tiie Trafic in the two- to three- 
tonne range, and the Master in 
the 3- to 34-toime sector, is 
facing the Peugeot group and 
its own range of car-derived 
vans, the newl^introdaced J5/ 
Citroen C25 (2 to 3 tonnes) and 
J9 (^troen 35 (3 to 3.5 tonnes) 
range. With these products, and 
a widely spread range of petrol 
and diesel engines, the French 
manufacturers are preparing to 
stxike back . at their West 
German comp'etitors in their 
OMm market 


Output declines 


•- Despite this modernisation of 
the. range and the development 
of . exports, however, French 
manufacturers have seen their 
production decline this year. 
Over tim first four months, out' 
put- of* vans up to 3 tonnes 
ditqiped by almost 9 per cent 
from 129,300 units to. 118.000, 
partly- due to industrial troubles 
but paitiy to tZie compensating 
growth in production for over- 
seas . assembly: . Kits, for over- 
seas markets e^anded from 
18,800 lulfs td.S5;700 in the. 
fizrt ' four . months .of- 'this . year. 
Domestic' ' Frmich • ' production 
will benefit only indirectly from 
the new Peugeot J5/Cfitroeh 
C25- range,, which is 'made in.' 
Italy, althouihi the French com-' 
panics manufacture some of .the 
parts for the van. 

By tile end -of year, tiie 
French producers believe their 
production will have recovered 
to . leave them ' <miy slightly 
down- on last year. This fore- 
cast suggests that imports will 
be pushed back a littie during 
.the next six months-, bdeed, 
the devaluatioa of 'tiie franc 
against the D-Maik will 
.undoubtedly help. .Ae . Fren^ 
producers, compete 'more ' effec- 
tively on price .with the W-est 
German manufacturers, who in - 
. the first' four mofoths accounted 
for about half of Frances van 
imports. ' ■ ' 

Nevertheless, tbe importers*' 

. penetration is - unliktdy- to ■ be 
much less tiian ;t6 per epat The 
.lion’s , share of the '“zyrt is- 
e^petted to remaizi in tbe.hands / 
Renault, whitii accounts ..for* 
.about tf 'per cent of the market 
TrSlightly more than 'witit its 
.ears, - The Peugeot grow -will 
-pkdt. up. the rema'indeh with 
Pei^eot its'elf accounting* for : 
some; 15 per cent, Citroen 
slightly more, and Talbot about 
3 per cent ^th Its car derived- 
UOO range and the Ruebbs. ' 

Terry Dodsworth 


ITALY 


Fiat pins 
hopes on 
Ducato 
range 


THE FUTURE of Italy’s Tight 
commercial vehicle industry is 
probably best examined just 
inland from tbe Adriatic coast 
a little to the south of the 
resort city of Pesctira. There, in 
the volley of the River Sahgro, 
production started last October 
at tile brand new facility of 
the Sevd concern, jointly owned 
by Fiat, Italy’s biggest motor 
group, and Peugeot/Citroen of 
France. The highly automated 
plant -when is fully on stream, 
-will produce 80,000 units a year 
of tiie Ducato van, aimed at tiie 
key middle section of the light 
commercial voMcle market 
covering vans with a load 
capacity of between 75D kg and 
14 tonnes. 

The Ducato is the central 
element la Fiat's l»d to 
reinforce its position as market 
leader for tbe industry in It^. 
ahead of -its traditional foreign 
rivals Bedford aod Ford taking 
the sector as a whole, comprising 
vans and light trucks with a 
capacity ranging from as little 
as 450 kg to 1.8 tonnes, total 
sales in Italy in ifiSl reached 
115,300, of which Fiat's tiiare 
was 41 per cent 

Disparities 

Tfiis figure, however, masks 
striking disparities. The group^s 
perfonnance in the lightest 
segment of the market (up to 
TSO kg'), with its 127-derived 
Fiorino, Marengo and . 900E 
Family gave it a 78 per cent 
slice of the sales total. But for 
the intermediate sector the 
proportion drops to 21 per cent 
-Hvell behind the leader Ford, 
with 88 per cent-^r-only to 
increase again to 27,3 per cent 
in the segment covering vans 
with a capacity of between 1.3 
and 1.8 tonnes. The signs are 
that the Ducato. offered in three 
engine versions (one diesel and 
two petrol driven of 1.000 and 
1,300 cc) is starting to make 
useful inroads. 

The vehitde 'will be 'Sold not 
only in Italy under tiie Fiat 
marque but in France under 
tiiose of Peugeot and Citroen. 
Within Italy Fiat's own six 
models in the categoz:^* « the 
Marengo, Fiorino, 900E, 242 and 
238— are available in all 80 
vertions. They lifted their share 
of the total domestic market to 
53 per cent in January com- 
pared witii around 36 per cent 
in the last few months of 1981. 

' Total Eun^an sales 
(excluding Spain) of this group 
of vehicles, all broadly derived 
from the car family and under 
the responsibilitj" of the 
concern’s car subsidiary Flat 
Auto, reached approtimatcly 
75,000 units, equal to 7.7 per 
cent of the European market, 
roughly the same as in 1980. 
Thanks in part to the good 
reception of the Ducato sales 
clinAed to 27,000 units in tiie 

- first four months of 1982 and 
Fiat is optimistic that the 
progress -can be maintained. 
Overall a 4 per cent enlarge- 
ment of the market is on the 
cards . for 1982. as the national 
economy continues to show 
remarkable resilience. 

On top of this Fiat offers, 
through its Iveco industrial 
vehicle subsidiary, the range of 
“ daily ” light trucks, with pay- 
load capacity of between 14 
and 2.5 tonnes. Although output 

- of this lattm* category declined 
last year, to 19,568 units from 
22,435 in 1980. the Turin-based 
group managed to lift its 
tiiare of a declining overnli 
West European market to 10.4 

. per cent, frosr 9.8 per cwt la 
Italy,, on. 'tiie other . hand, its 
share, dropped slightly to .48.1 
per cent-.'from. 94 per egn*. In 
previous, year. 

Ail this puts Fiat in a com- 
pletely different' lea^e: from 
Alfa RemeOf -the - twy " -other 
' domestic producer ' in' Italy of 
light eo mme reial vehicles.;. The 
modest otz^ot-of the coniUiy’s 
second vehicle group ‘is h^ded 
by ' a ^ecialist subsidiary 
Arveco, .based' at^ -Fomigliano 
d^Arco close to Naples, the 
plant: responsive for tiie state- 

- controlled group’s Alfasud 
range of yehiclei - 

. Last- year was one that 
.Arveco.wUl probably want to 
' forget Althougl^ it ended with 
a tiny profit of L138m (com- 
pared with a parent company 
loss of L97btt) and. sales of the 
.division 'showed a slight gain 
1 to LS9bn* from L83bn ts 1980, 
.events .;autside - its control 
'Dlayed havoc with Its plans. 

. The • • ititehnath' of the 
. Noveqiber. '19^ earthquake 

- severtiy disnipted operations 

for the. first few tnbntiut- of the 

year; while the Fr^cb Renault 
; . aign ifican tiy cut . back 

orders .for diesel engUie6 ' pro- 
duct by Arveco. As a result 
only IMQ of its. LR-fi and- F-12 

- commercial, vehicles w^e sold 
.-an.fi the. . 1,700 - • wOri^orce 
Stiff ered a total nf 160400 hours 

.'.of. . .enforced .-^teisubsidised 
lay-off during the year, Arveco 
'la hoping -0181 in 1982 the gods 
will be kinder. 

Rupert Cornwell 












!'» . >. ’ 

;iriit:'s 


money progiammen^ 

XEtchidgsllm^ 

v^ue foK money 



[i^f p i 

h ▼ A 1 

1 

■ * H 






r • 1 

[ g 





l?T^ 

E ft I 

1 M 



self tbat when Ford gives, 


Populiar 80 at just jB,955f Yet that price 
indudes passer^ s^ ineriia reel seat ^^ 
belts, laminatedOTeea steel braced rad^ 
and front disc brakes.; . . 

And nim the Popular is even rnore vers^^ 
even better AraIue.The newIpOand 120vans 
offer1aridiy4tpnriepayio!adsat£4320^cmd 
£4v47;r ^'^spectivdy-whic^^^ that for 
thehr^ttirneyou(anbuyfoii1tonne(a|K^ 
at a Popular price: 

Prices fonn . ■ . : 


AU pries quoted are maximum retail ^ces^ 
sdudb^yAXnumt^plates and delivery. 
tEffedive&viniga are on lOO vari models 
ority and are a comparison of tod^ * 
maximum retail price with the price 
on M^i9,1982 of a.s^l^ 
equipped yehide^l payloads 
quoted are norritn^ For fiiH 
detaUsrSee the 1982 
Ford Transit brochure^ 
reference FB661 


IVif j 






The Transit Standazd 
&om £4,550* 

All Transit Standards are now spediied with 
gloss finish and many cab refinements as 
well as threeway adjustable driver's seat 
halogen lamps and 15 pllontank-butcoks 
are effectively down, for example by £203^ 
on short wheelbase 100 vans. 

Even greater savings-effecth/ely up to 
£690^come with the long wheelbase 
Standard 100 which beside the new spec, 
gains 10" between the rear wheel arches. 
Awkward 8' x 4' sheets can now be carried 
absolutely fiat 

Effective savings on Standard 100 vans 

^“£203*°£690' 


The transit Custom 
from £4,86T 

The price would never prepare you for tfie 
level of refinement on Qistom. Gloss finish, 
>ush-button radio, side-loading door, two- 
itre engine and noise reduction Idtare now 
built in to a spec which, on the long wheel- 
base Custom100,effedively savesyou £910* 
and already includes dual passenger seat; 
fabric trim, dock and trip recorder. 


Effective savings on Custom 100 vans 


Ford Transit. 

Ford gives you more. 


f^rmore infonn^n about the Fold Thmsltfpiease.wiite toiD^^yFbid A/loior Compai^ Ltd., Freepost, Clreneesto^ 













16 


. Fmancial Times Thursd^ Julv 8 19 S 2 


VANS AND LIGHT TRUCKS VI 



Volkswagen has been priced out of some sectors ol the U.S. market and hit by keen competition, says ]l5eviii:Doiie : 

in domestic construction industry felt in sector 




backs in 1982, In the first quar> lem, and ViV has been forced important marltet, falling 
ter this year new re^trations repreatedlr to lay workers off sh^ly. Abut 30 per cent of 
of commercial vehicles in the on short-lime vorkini this Type 2 production, or some 
class up to fi tonnes plummeted year in order to cut bach pro- 30,000 vehicles were exported 
by a further 24 per cent accord- duction. In the first half of to the U.S, in 19"2- whereas 10 
ing to the Federal Zdotor this year the assembly lines yeare later the U.S. accounted 
Vehicle Office to only 17,085 have already stood idle for 26 for less than 10 per cent o£ 

days and rhe company has output, or 10,900 vehicles. 


JiiiCESSlON IX the major West 
FuTi'pijan liiarkms, continuing 

iniorc?: rates and the 

v£;ijae7.e on pubJic spending in 

iiiv i'od'.TCil K>?public are com- The hopes of an up-tum in reached a^cement 'Aith ihe 
DiTiin? uipress so«ceiy the the West German economy in workforce for an add'.Uonal 15 
loriun'^tj i,>£ West German manu- 


... . , the second half of 1982 are 

isCiiirersi ot Jisot commercial fading fa^t \irtualJy ruling our 
'.cn:<.-KJ. any significant recox’ery in 

Leading prtJducers have been demand. The latest survey of 
fo:‘L-'.-d iij imp'jso prolonged business opinion carried out by 
p.-.rind? of .’-iiorL-linie v/orluiig at the autlioritative Ifo Economics 
a !.s!nc foreign com- Institute indicates that West 

German industrialists have 
become more gloomy about 
business prospects over the rest 
of the year — not least because 
they fear a downturn in e^orc 
demand. 


Volkswagen has been priced 
out of some sectors of the U.5. 
market, but it has also been hit 
by the penetraUon of other 
manufacturers. pcrUcularly 
from Japan. 


pel.tru-.-:. {l.^^lil.•ularly the 
.'cpjriesi.', iiT:.- making jr.crcfis- 
ing ir.ro.ids into Lhoir Lradiiionai 
Tiurki^i-: as ■veil <7s o-Tcning up 
ii'*’.'.' Tnarr:-t segments v/hcre the 
domestic '.-.Mincn producers are 
liAreJy rcorescnied. 

Production and sales fell 


da3'5 5hort-ii::ic w'orking :c the 
second half of liie year. 

About 15.000 production 

workers of 21,000 

Hannover-based workforce are 
hit by the stoppage^ and ht' the 
end of the year as much as a 
fifth of the plant's potential vehicle makers have also been 
production will iiavc been Ics- making increasing ioroads Into 
Production of wr light com- the domestic West German 


Increased inroads 

Japanese light commercial 


mercial vebtcles was dovs-n to a market, repeating the success 

daily rate of only ^0 in April achieved in the German car 

Commercial vehicle manufac- ^bis year compared with a daily market Last year when the 

turers figure prominently output of 910 in 1981 sad a general market was contracting 

Iv-I.viFr«ry ‘a7“and^^ among indsutrial producers who peak of UOp in ip. The com- Japanese importem still 

vSlocl are becoming most concerned pany’s market share , :n the intteaseo by nearly a half their 

about the levelling off of new Federal Republic is also light commennal vehicle sales 

:>.AV/ v‘3::.:Gv!vial vehicres have export orders, while at the slipping 








Left: the ttbo-torme payload version of the diesel- 
powered VW LT 35 and above a Mercedes piclMip 
truck, the Bremen 


‘"GiTiv'Vorupeasation in same lime seeing little sign of further 

::rjri:eij. nariicularly an upturn in domestic activity, general fall in saies. 
;.i *j;v oii-prodU'jing countries. 

hav® offered little 


a factor which is 
exacerbating the 


:'.w; .’ava offered little wnicn last year sunerea a laii uic uj. ....... 

•-•i .i r in G’. • lishi t.-ommercial in output in West Germany of 2, fell to 61,300 in \\est sales in ^\est .Gera: 

liffht commercial vehicles in the Germany last year from 6S.SC0 year compared with 2.J 

Of li-’ht com- class of 2-i tonnes of 28 per in 1980, with market share de- in 1980. In fne class of vehicles 

’hit-ifi up to 6 tonnes cent to only 78,804 units from dining to 60.6 per cent from up to 6 tonnes their share 

l?.Tnony fell by 23 per 109.743 vehicles in the previous 63.3 per cent in the previous climbed to 8 per *• 

year to V44.540 units year. Domestic production in year. with only 4.7 pe 


dropped to 1,909 units from 
2.421 in 1980. 

Joint venture 


in the Federal Republic to 8,600 
units. 

The Japanese achieved a 

Hardest hit is Volkswagen Volume sales of it? main share of more than 4 per cent 
which last vear suffered a fall light ccmmercial vehicle, the of total commercinl vehicles 

- ^ • ’* — Germany last 

.5 per cent 

class of 2-4 

cent to only ... 

cent compared 
per cent a year 

the weight class 4-6 tonnes Saies of the heavier LT range earlier. 

in the 2.S-4.3 tonnes class fell Japanese m.ioiir.Tcturers have 
in the Federal Republic to also notched up considerable 
6.900 from 9.700 in 1980 drag- successes in other European 
ging down WVs market share markets, further increasing 
in tills class to 25.2 per cent competition for V<'est German 
Volkswagen's experience with from 29.2 per cent a year vehicle exports. Shipments of 
MAN in the joint venture pro- earlier. light commercials from Japan 

duction of medium-sized trucks Since the beginning of 29S2 to member states of the Euro- 
in the 6^ tonnes class has also the position has worsened, pean Community' ro«e from 
been hard hit by falling de- Deliveries to customers of the 15.000 in 1975 to 112.000 in 1980 
mirroro'i in alundr.g saJes of niand and only 1.885 vehicles Type 2 vehicle — in the weight and 145.000 last year. In West 
cc.r,r.iero:;’l '/cliicioa — particu- were produt-ed in this class last class up to 2.4 tonnes — have Germany their e.*:port drive 

:. ;r. iu-vw iri'chs but light year compared with 3,012 in dropped by 24 per cent in the began later, but here too it has 

lU'W been hit too. 1980. The joint company set up first five months of 1982 to gathered pace with deliveries 
H;::i rates sod 'A'cak in 1978 to represent the two 22.094 units, while domestic climbing from just 59 vehicles 

for transport and sroups’ sales interests in sales of the LT range have in 1975 to 24,000 in 1980 and 
!)j>.iiage scrvice.s have' depressed foreign markets lias also run fallen by 22.4 per cent to 2.873. 39,000 in 1981. 
irves^mont in new vehicles. into problems. The earnings of VW's predicament has been Although it is not hit quite 
Incvcusi.'ig demand for spare importing companies in several eased slightly by considerable so directly by Japanese imports 
part^ .skigt'csis sirunglv that of the European volume export gains in West European Daimler-Benz, the other major 
t cr'cr.'iiors in ‘he Federal markets were hit by the markets in the first half of the West German maker of light 
h‘:pur;l';i.' are choosing to run economic recession, with the re- year. It is fearful that the recent commerciats, has also suffered 
vehicios for iouger^ periods, suit that V^V/ALAN estpenditure realignment of currencies considerable setbacks from the 
lurihcf cutting new orders for on promoting foreign sales ex- within the European Monetary prolonged recession in the West 


i*rocu:t!rr. Of ligiit com- 
iiT.r'.:;'l ■.•’hifiei. up lo 6 tonnes 
!j‘. G? - - -- 

•y.iTt last 

■■.•it!i lo7,227 in the 
r-.'-.- ioui yi'i-r. ijulput in the 
ri-.cd-u;’.! v.c-i-ht da3.s of 6-12 
■.r-Miii.'i al-o 'ir-ipp.-ii by 9.9 per 
':eat lo 54.007 vehicles. Only 
!ie.:Vy iriiL-k in\cluction showed 
iiicre.isc largely because of 
ih'.- Tlrea-.'th cf e:.T-ort orders. 
Tao drasL'c slum? in the con- 
1(1 j 2 C'.J;Lr>' in the 

Feo,';r.'il Roniibii,;; hps boon 




more 


JAPAN 



clfi' vohScios in the weight concerns. hit sales abroad, however. vehicles in the 2-4 tonnes range 

eiafsef up to 6 tonnes feirby Volkswagen’s Hannover- it has already suffered subs- and of more than 70 per cent 

13 per cent lo 83,121 vehicles based commercial vehicles tantial structural slufts hi light in the 4-6 tonnes class, Daimle^ 

last y'^ar, and producers have plant presents the automobile commercial vehicle exports with B»nz has been forced to reduce 

Siiffereu further serious set- group's biggest domestic prob- sales in the U.S., once its most production by 22 per cent in 


the first half of the year to 
little more than 31,000 units 
from more than 40,000 in the 
same period last year. 

Continuing strong demand for 
its range of prestige Mercedes- 
Benz cars, where its plants arc 
running at full capacity, and 
continuing high sales of heavy 
trucks in overseas markets has 
allowed the concern to avoid 
short-lime working in its light 
commennal vehicle plants in 
DOsseldorf and Breman. how- 
ever. In some cases work has 
been switched to these loca- 
tions from other plants, or else 
workers have been transferred 
to other more successful opera- 
tions within the ^up. 

Daimler-Benz is in the pro 
cess of concentrating all its 
light commercial vehicle 
assembly operations _ at the JAPAN is promoting commer- 
Dusseldorf plant with the Hfli veliicle exports as vigois 
gradual transfer of pra- ousiy as car e.xpozts. The drive 

duction from Bremen, focus mainly on tiiose 

which is being turned into a Western countries which have 
second car assembly centre to their own commercial vebitfie 
complement the main works at manufacturing industries. 
Sindelfingen, near Stu^a^ Hedged .in by various protee- 

Volkswagen meanw^e is t^- tionist measures against cars in 
ing to breathe some,life into^ its the worid’s major markets, the 
domestic commercial vehide Japanese sought relief through 

operations with a far-reaching the commercial vehicle sector 

re-strocturing of its sales activr- y/]ach is not covered to the 
ties in West_ Germany. On the game ex tent by lim itaHon a g ree- 
retail level it is establishing a ments like those which exist 
new division in the Federal between the Japanese industry 
Republic which will be solely and the U.S. and many Euro- 
responsible for commerrial p^an countries, 

vehicle sales. Between 1977 and -1980 

Special dealerships are being Japanese output of commercials 
set up to concentrate exelu- jumped by 30 per cent or 
sively on this business vrith 920,000 units to just over 4am. 
salesmen Md mechanics being ^he rate of growth had to slow 
trained solely for commercial jq face of world-wide 


Japan’s impressrre advaiice in European exports 
may have to slow. Kenneth Gooding reports 

Light commercials face 



vehicles sales and service. 


Mlssan and Mercedes Benz dominate the domestic market since their takeovers, says Robert Graham 


ecoaotnic problems last year bat 
sdll rose to 4Jhn. 

To put that into contest last 
year the U.S., in what admit 
tedly was a poor production *royofai 


Shake-up nears 



THE SHj 5.KE-U? In the Spanisli 
!:gi'it uornmercial vehicles sec- 
tor -..-hich began rivo years ago 
is nc-jrly complete. MuUi- 
n&:iC'Rai& couirui majority share- 
holdirfs In the two main pro- 
ducers, Ivlevosa and Motor 
Iberlca, and their production 


sales networks could not com- 
pete in the eighties. Not only 
did they lack the scale and fin- 
ancial muscle but they were 
also short on management skills 
lo cope with an inevitable liber- 
alisation of the domestic mar- 
ket and the challenge of EEC 
entry. 

Against this background the 
Spanish state holding company, 
which controlled Enasa and 

^ ternanonal partners or to per- 

suade existing partners to 


affairs even though it Is being 
treated as an uuegral part of 
3£B’s worldwide activities. 

While there was no real 
hesitation at government level 
over the penetration 0:' MB. 
there was some reserve :n per- 
mitting one of the major 
Japanese automotive groups 
taking majorit>' control in a 
Spanish company. 


mercials. 

The vast majority of the 
Japanese products are in the 
li^t commennal category end 
around half are. exported. 

Japan’s commercial vehicle 
exports have risen by 54. per 

situation foreve the Japanese to made but it is understood that cent, or 756,000 to 2.lSm in the. 
Intervene. In Februniy Motor this percentage requirement has four 3*ears to the end of 198L' 
Ibericj launched a fouMor-nine been dropped, at least tern- A recent forecast by Aiito- 
righ'? issue, raising capital by porurlly. This could have reper- motive Research and Manage- 
Pta 2.19bn lo P‘a T.ibn. This cusslons on potential exports to ment (ARMC) in its Xntenia- 
permitt^d Niit.s'dD to raise its the EEC, given the sensitivity tional Automotive Review, sug- 
stake to 53 per cent, and was of the Cammunit>’ to Japanese- gested that Japanese commer- 
followed in April by sweeping controlled automotive sales. ctal exports would reach 2.4m 


changes i.n the compauy’s board. 
Nissan with the right to five 


Parallel with the reduction of next year, 
local manufacture of com- “Cooside 


Low profile 


o5 the nine board members has ponents has been a tough argu- can be expected in the years 
so far withheld appointing a ment over how the Vanette and ahead wntess protectionist pres- 
Japasese but it is undoubtedly Patrol — especially the former— sures increase to the extent of 


ir.ioiTf 'Jcaai networks. 

N'l-san was given the go 
!'h*sd 12 Februar;.' by the 
Government to acquire 
mijorit;.' ' control of Motor 
R.*;r!c3. and Mcrcede.s Benz is 
co'.v ihe mrjor shareholder in 
recenMy renamed ?Jer- 
C'id:'; Benz Espancla. These 
‘••.o cr'.mnanics dominate- the 
r,.';dgc'.:'''n .'.nri <;ale of vans 
i.vJ ‘.ruefe in Spain. The 

vebj-iiy producer. Eansa, 
v.'.-o?-; ta-v.-over 3H collapged 
'iiis vrar, also has a 
I'liare of the market — 
;,'U‘ ir. '.he ll'/nr of its failed 
■niTriiro '.•.i'h IK it is not clear 
v :M hapnen to this parti- 
;ul:r syrmont of i's production. 

Th" or or this sector by 

r'v.il'in.":'. or.al" is not surprising- 

tT.:r years .ago it was 


to assume greater control. In the 
case of Mevosa. Mercedes Benz 
already had a 43 per cent stake 
—itself acquired from VW. 

The main difficulty INI 
encountered lay in trying to 
head off Mercedes' demands 
over Enasa. In return for 
acquiring control of Mevosa, 
Mercedes Benz wanted INT to 
hive off the small light vehicle 
production of Enasa based in 
Valladolicl. Tnis consisted of 
vehicles of up to 1.000 kiios 
u.cder the Pegasus label. INT 
refused to do this and eventu- 
ally ^IB accepted that it could 
rot get this and last year it 
raised its stoke to 53 per cent 
in Mevosa. In the capital 
increase to Ptas 2.9bn (£104m) 


In 1980 Nissan boaght out 
the 36 per cent Massey Fer- 
guson stake in Motor Faerlca. 
which produces not only vans 
and light trucks but tractors 
and agriculwrai machlr.er:'. 
The Government was presentee 
with a Tcif ccc57n.':f!. 

At the time this v.a= rsreg- 
nised to be only Lhe bejisnSng 
of a much larger J-jpsne-e 
penetretion. Tiia Js?£r.e?e 
began by keeping a low proEie 
and it seems were 'A-iiir.r 
v.utch on ihe .side-;:ro-. ‘.'■s'.ir.s 
the climate in t;:? res: of 
Europe and doing no'hing 
antngo.gise the Spanish Govsm- 
raent. However, the s-umn :n 


in the near future. 


wants to phase up some of the cretion** or *^rudence” when 


Nissan is piancin'« to invest range as quickly indigenous %Vestezn commercial 

aro'.:cd SlOOm in Motor Foerica possible either boosting vehicle manafacturing nations 
instali-'tioDS over th<^ next 'our 'Vanette production or intrbduc- are conceraed.” ARMC stated, 
vears. iargelv in tooling up' for jfS technology into the for- ^ 

Major surge 

There are some signs lliat 
protectionism against light com- 



Deliys have been caused par- 


Ebro 6000 van. 

Mercedes-Benz also took over 


••“•.■'..‘i; control in Mevosa at a difficult 

.•:al d:mcuii!es and tne need to y.;j,.-ccp.t witli 


shipments to Britain this year 
after a major surge in the 
•Tapaoese market share. The 


.';.v.r,a?nt.lv clear that companies E'-T waived its rights. It now 
!>T^af.=?h mpiorlty capital holds 39 per cent of the equity 
■.v;''hcut indicenous tech- and appears anxious to retain 
r:oI^.cy or adequate international an active say in the company’s 


both comragreici v.?:i;clgj 

•» 

V ^ M 

But perhipj. more ;r 

nportsntly. 

agricuinral mschir.er;- 

pra- 

Nissan has been pr 

ossir.g iho 

vidsd more severe 

t'''n 

Spanish authorities 

to drop 

ercpectetl and Motor Tv 

t-riri 

their insistence or. 1 

ihe 70 per 

suffered greater 


rent national element :zi com- 

expected. In 19SI it '.ost 

?ts 

por.cnrs for Lne \ : 

ncti-g aad 

2.3bo. 


Patrol. 


This deteriorating r=: 

r.rla': 

No acnouncemen* 

has been 


The Toyota Hi-Liia; ^our-ui7»eeZpdnve 

JAPANESE EXPORT ^ARES BY A^UFACTURER 

Walw. 

Passenger 

' . . eqro.' 

Gonaaeidal 

ye^des 

Total 

vdiicles 

-Share 

.(%) 

Toyota 

1,063,385 

653,101 - 

i,71M^ 

2SA 

Niffian 

984,665 

452,330 

1036,995 

23.8 

Toyo Kb^o 

615,314 

190425 

805,739 

134 

Honda ■ 

66U20; ’ 

HjSfz 

667,692 

ILO 

Wtsobh^ 


-V 24^»MI 

589,589 

9.7 

Isnzu 

■ 57,686 


258,536 

44 

Fuji 

■■ 1^785 , ■ 

. 11M65 

239,650 

4.0 

Daihatsu 

. 6«)60 

mis 

148^373 

2.5 

•Snzakl 

. :2S,984' ; ‘ 

■ 107016 

136,100 

2.3 

Blno 

— 

26,232 

26032 

0.4 

Nissan Ztiesel 

— 

33,055 

23,055 

0.3 

Total 

3,946,842 

2,101^5 

6,048047 

100.0 

Source: JAMA. 

Note: Plgnies ezdade KD sets. 



JAPANESE EXI^O^S OF KD SETS 

Make 

Passenger 

cars- 

■ftnwi«(iArrial 

: vehicles- 

Total ' 
'vehicles 

Share 

(%) 

Toyota 

. 83,940 

. - 21,920. 

105.860 . 

19.2 

Nissan- 

175JI53 

53,880r . 

223.932 

41.6 

Toyo Kogyo 

-46,980 

s;;to 

78,860 

14.3 

Honda 

42,900 


42,900 

7.8 

Mitsiibldl 

39,744 

38,988 

TS.732 

144 

Fuji 

■ ■ ■ e— • ■ 

9000 

9.100 

L7 

Daihatsn 

6,464 

- - — - 

6M 

14 

Total 

389,080 

161.768 

550,848 

1004 


and strTaSlSn? prSlom Sesf b5®^usSd 
Vnlike Motor roerica no lay- maSSaS? 


KD m(s BTd Tdlieles for whldt the ex-Cactory price is 
' per cent or less than, the cost of all assembly parts. 
JAMA. . ■ 



D^ also pointed out that in NdrOeni 'Emope and Ekwtu- 

■■ ■'" - - - ^ .. . • _ 

Tivp vriiicies .in particDlar 


are contemplated. Indeed there of Motor Iberica in) Spain, fha 

has even been a siisht rise in country could, develop as a have'dozie ttceedhigly'weH. The 

total employees. Out of the four own indigenous ^orpoint^entryfwva^of Toyota HSace vah^e^^ 

Riedels produced by 2IB ,!“ Geromns in narti. 


took cent 

Report that the Japanese are .i OffiW JapM^ -rriiicles have 

contributing to a "‘serious etm- Exports to Ntaih Amaiffl found _ ttemsel¥c8 nkffies not 

action" of_ busmtes for to remain to mtM important -far European manu- 

German light commercial the Japanese co^Sreiai we-ton pick-ap 

vehicle producers. ^ vehicle woducers - and ^ ftiar-wiheel- 

Volkswagen has borne the macket a£izbed 590JK)0 of to examples of this 

brunt of the Japanese incursion 2Jm-ezported last year. . 

into the European maritets. However, 'a v iv ivfw. -."icswlwing table illustrates 

along with Ford, .the report to South East Asia. toiSiine “.^e^««arest terms how 
added— -and it is likely. pro- 362,9)0 and • to Africa, 372 000 "Psnese have made 

grosslvely to produce a-.larger overshadowed to £nro»o P*®Sress in Europe with light 
V *h\s arovp^ the ca^ proponion of its coiMerriM —239.000. commercials. Given the prices 

impoV'jnt output outside the high Even so. the progress of to charge, there 

rniifwdilii . Japanese fo Westpa -EuresiB 

- - ^ utsists that even in the over the past few year^ has 'been" PEOteetlonism to back 

free trading German industzy impressive.. ■ . tollier. .advances, at least in 

, ^ .. s_ .Tapar^ag^ .the. mednon tetm. 

Id bat 6J ce^ Of tim light Japai^ share of the light 
Miuner^ . . fo : maricet 


130 also comes in the form of taking over the devi 

CKD units. 

Enasa is the leader in light 
'.■ar.s. ’.vith IS per cent of the 
market. But a debate U going 
cn within the company over 
whetber it should continue its 
involvement in this ?cctor of the 
irommercb? vehicle market. 

Indu^tr:.' sources indicate that 
could well concentrate on 
hcj'.y vehicles and military 


sector of the market. 




,, AJl European manafacbxrers th^ tore n>s6.fo -87 cent, 

rornuiiy «ioro .moyaat export of li:^t commercials will in- went up to 32.3 p^.oent to • • • 
^..ar;tpt was cows 17 per cent creasin^y be confined to Suro- foUowto YW .and .in 3SS1 • ' : 
i2 iig.'st coTitnerciai vcjticlfts the pean markets as the Japanese readied 16.9 pep qsiitg ' ■ Aimtr^' 

mar.kci f'nowcd of a slight dominance of the few but fast- Tlie advance should stop Bd^iim 

mar- year, and ?Msibly to Japanese tieaaurle 
. penetration could tow 6 fall, '^land 
Faced with rising Imnort beeaiisa.Af the nofMi* {» Tr^lAr^w .^.- 




luodri bew dramatic it will prove to '.he ' JanaMsg have matt^ Ty Iv^tTO ri and 

.i:.rn r-oof.'. permunent." been concentrating tiieir efforts, 


1979 

% 

5 

19.7 
22.2 
32.2 
40.6 
. 9.5 
■2LS 
19.9 

16.4 

17.4 


1981 

% 

23.5 

37.5 

36.5 

59.5 
66.0 
23.2 
49^ 

51.6 

18.7 
38.1 


















i^ce 

sm 



wm 


. :: V.l.^. 


WA\uTKTl? 




Finaadai. I^es- Thiua July -. s ' iS82 ■ 



■■ — . - IHERMCKEU. 

EDITED BY ALAN CANE K ROOFUGHTINSUlAriON 

After years of hiding in cubby holes . . . 


\ 


Humble gas meters moye 
into the electronic age 


For full details phone; 

Toe Allison onO^ 53651 
Stonebow House. YockYOl 2NP 


BY GEOFFREY CKARLISH 


nie ASEa robot vtIOi control paqel'nnd (ligtaD-tfie porUble programmingiimU 


ASEA launches IRB 90/S in bid for bigger market share 


BY ALAN CANE 


ASEA, the Swedish engioee>' 
ing giant, has launched a new 
spot welding robot featuring a 
control system- now fou^ nriiy 
on the mom . advanced machihe 
tools — conversational pro- 
grammi^. - 

According - to . the ' company's' 
industrial robot division, pro- 
grmnming ,the new. ZRB. 90/S 
takes place as a continuous 
“ dialogue between the opera- 
tor and the machine itself 

- thyiugh . a portable 'prbgram- 

• “BMwg lihit! • 

/'The ... cozitrel. system' poses 
> <iaestions.'-*r-in any language of 
choice.... . jlbglish, , French, 
-Qwmjisb- and'Sb bn- — by dis- 
them on the alphanu- 
meric - di^ay of- the control 

UlUt .'.v: U- 

..-The . op^tor .xeplim.. by. 
-IKessiug' .hu^Bs bn the -unit . 

■ corrmpondihg • to - the answer 
’ Chosen... The' -iwbbt aria can be ' 
:moved^maiiual.ly &0tit one pib^ 
.lion-, .i^ n^aer. ! during pro- ' 

- .grammlTig . by - .means of a 
joystidt‘-sh' -.the . .prbgramming 
unit-- 

.*^£A' says.' the new eontnll 
..^stem is' -result of opera- 
' tional ' and programmiog 

experience from more than 
1.500 robot ' installations 
throughout the 'world. 

Its robots are already used 
by many of- the world’s major 
car Qianafacturers. Last week 
It announced that SAAB- 
SCANIA in TeoUhIttan . had 
placed an ordar -for more than 
60 hew robots to add to the 


17 installed five years -ago. 
These robots will be used for 
spot welding, , are welding and 
-glueing. 

SAAB has' also derided to *nse 
ASEA ' robots for . engine 
assembly; assembly work is one 
of the -fastest growing but 
trickiest sectors of the robot 
market. : 

According to JSr BjBm 


Weiohbrodt, head of the 
industrial robot divirion. ASEA 
is already the largest supplier 
.of robots in Europe: **We are 
going, ta. become -world leader 
for industrial robots. We hare 
the marketmg ebuinels, teebr 
niQue and the financial strength 
necessary. The target is a world 
market riiare of more than 20 
per cehL" 


DAwuret,p-a»ds 


Dnvsunit, D-asd* 


Dib^urat, E-axit 


” ' ‘Uppsram) 


DrivcimHs, A- och B-axis 


. Driveunit, C4 aIs 


Robot bo4r- 


Dfagram showing .'^^eomponeiils and working of the ASEA 

robot 


Production last year was 
between 500 and 600 robots end 
die company is looking for about 
60 per cent growth this year. 

ASEA 1^ up against the 
strength of Jt^unese companies 
-like Fujitsu Fanuc and the | 
U.S.-based Unimation. 

The new wriding robot com- 
prises the robot itself, control 
equifunent, welding monitor, 
wekUng gun. mast unit cables 
and hoses. 

It has almost 50 per cent 
greater reach than earlier 
models— a facUily in which it 
had been at'a disadvantage com- 
pared with the Unimate Puma, 
for example.' 

The new control . system 
makes it possible to divide the 
programs into main programs 
and subpro^ms; it is also 
possible to run the robot around, 
for example! tiie tip of a welding 
electrode, for arc welding. • 

According to ASEA, con- 
versational programming 

coupled, with the use of the 
joystick for “training’' the 
robot reduces pro^amuring 
time by 25 per cent compared 
with programming using a set 
of push buttons. 

. The 90S is based on ASE.Ak'5 
eaasting 60S mot welder— -like 
an the company’s robots it is 
■powered by electric motors 
rather than hydraulics or 
pneumatics. It can handle 
weights of up to 90 kilograms 
in five axes or GO kilograms in 
six axes.'- ' . • 


SOON, THE dust may be blown 
off the humble gas meter, 
undistuibed apparently indefi- 
nitely in the cupboard under the 
stairs or some other dark place. 

For as long as anyone can 
remember, it has been read, 
often with difBculty, by a meter 
reader doubling as a contort 
tionisL Apart from peering into 
cupboards full of junk, the 
“ meter man ” may well find that 
the householder is simply not at 
home. Then the estimated read- 
ing regime comes into action, 
often bringing problems in its 
wake. 

Just leaving the development 
phase at Thom-EMT Flow 
Measurement, Manchester, Is a 
system that will allow meters to 
be read from outside the 
premises, from any convenient 
position and without re-locating 
the meter. 

It would have been a bold man 
who. even 10 years ago, would 
have predicted tiie alliance of 
electronics with gas meters, but 
in Remote Read. Thom's new 
ssystem. that Is how the problem 
has been solved. 

Thomis chief executive at the 
Manchester operation. Mr Ray 
Hanson, will not disclose too 
much technical - detail. ^ 
essence. howe%'er, the readings 
produced by the continuously 
running wheels that move the 
dial pointers are transduced by 
a “ non-contact method ” from 
the meter's display panel. 

The resulting electrical pulses 
are used to drive a modem 
digital display housed in a mains 
powered “home module” which 
is, in turn, connected to a trans- 
ducer unit fixed to the inside 
of the house wall. The system 
is batterv protected against 


bolder will be able to press 
buttons to be shown the cumu- 
lative total of units consumed, 
consumption since the last read- 
ing, the date of the last reading, 
the value of the gas consumed 
and the standing charge. 

The position of the internal 
wall transducer will be marked 
on the outside wall. Then, all 
the meter reader has to do is 
place a hand-held pick-up unit 
on the spot and press a button 
to capture the same readings as 
those on the home module. 


Electronics promise 
light and better work- 
ing conditions for 
meter readers. The 
age of the dusty meter 
under the stairs is 
nearly over. 


mains failure. 

On the home module the house- 


In addition, he will be able 
to re-program the home module 
through the wall when the cost 
per therm and standing charge 
alter. His display ke.vboard unit 
is> carried on a shoulder strap 
and is connected by a short 
length of cable to the hand-held 
transducer. 

•The information in the home 
module is secure and can be 
accessed only by punching in a 
securit>- code. 

Beyond (his it is obviously 
only a short step, technically 
speaking, to transmit the pulses 
to some other location, ft has 
already been announced that 
the Department of Industry is 
.supporting research into a sys- 
tem called Mainsbome at 
Thome-EMI. 

It is understood that this uses 


the street mains system to carr^- 
the data but the company will 
say no more at this stage'. 

However, British Gas has 300 
of the Remote Read meter 
transducer units, which will be 
used in a trial at Milton Keynes 
(fast gaining a reputation as 
Britain's “wired eilv” test 
bed). 

Also available are 100 of the 
complete s>’stems with home 
module plus five interrogaiorK, 
for loan to interested pariies. 

Ray Hanson says; “ We are in 
the process of pulling ourselves 
out of the traditional image of 
gas metering.” He believes that 
as people become more energy 
concsious his home module will 
catch on. 

He also thinks that gas 
authorities throughout the 
world will benefit from such sys- 
tems 

Meanwhile and by conlmst, 
the company continues fo mass- 
produce the gas meters Them- 
selves. in various sizes. b.-isecl 
upon the posil1-«e displacement 
principle which is about 100 
years old. 

In spite of such developments 
as turbine flow meters and 
several other relatively recent 
designs, the principle of re- 
peatedb' filling a cavity with 
gas and moving it with a dia- 
phragm to the consumer's pipe 
remains, apparently unchal- 
lenged for reliability 

So the company has been 
applying itself to reducing the 
numbers of moving parts in 
such units and improving the 
efficiency of their manufacture. 

But it is a big market. Such 
flow control equipment is now 
worth about 9165m world wide. 
There are 14m gas meters in the 
UK alone and each is replaced 
about once ev'ery 20 years. 


Machine tools 

Three axis 
driller 


.\ ihrep axis CNC turret drill- ^ 
ing and tapping macbine with 
j six siannn turret head and 
DC son'o-drive:; is now avail- ' 
able from Halan Machine 
Tonis. SkiMi-hley Lane Indus- , 
trial Estate. Hincklev, Leics 
(0455 617226). 


Twu models are nvaiLihle — 
the 500 Willi ^ in e.ipacity drill \ 
and tile T5U viith i m c.ipacit)'. 
Spindic speeds arc S5-I0IO ' 
rpm, table movemcni*i 250mm i 

V %fllln«e*i nei/f 7 am* I 


X SOUmm -*ind Z movement 
150mm. Prices .start at £13.950. 


Measuring 

Portable 

microscope 


PORT.\BLE depth measuring 
niieroseope.> are now available 
from .-VAIT Marketing and Sales, 
Cuildford. Tlie three models 
are de>igned as alternative^ to 
expensive heavily equipped 
microseupcs for use in measur- 
ing printed circuit board 
assemblie.s, cracks, welds, holes 
in the elcctnmii.'s and printing 
industries. More information 
on 0483 60314. 


Electronics 

Inmos 

introduction 


SHOUDERUNir 



HOME 

MODULE 


INSIDE 

TRANSDUCER 


IMNDHELD 

TRANSDUCER 



buHons fior reodiri£/wrHing 


INMOS. (he state-backed elec- 
tronics company, has introduced i 
the first of its d>'namic random f 
access memory' circuits, the 
IMS 2600. The corapan>’ claims 
that the circuits is the fastest 
of its type available. 

The chip has been in limited 
production for several months ‘ 
at Inmos' U.S. facility 
Colorado Springs; It is a 64K 
X 1 ram which is said to have 
X 1 ram which is sai dto have 
an access rime of 100 nsecs. 
Further data from 0272 290681. 


■ I 

■ 1 

1 . 

““j , 



n 

p 



n 


n 


n 

1 

1 

n 

m 


# 

■ 


•J 

1 

L 




j 



L*J 



3 

Ld 

Li 

LT 














■■■■ ■ 




‘si 


* • * 




Enterprise Zone 


No matter how big. And we've dn impre^ive 
trede record to prove if, too. ■ 

Coid^ was designafed 05 England's 
first Enterprise Zone in June 1 981 . So unlike 
some areas talking qbputvyhatthey can offer 
in the-iuture, Corby has hard and fast facte to 
quote.' 

WhenEnterpriseZonestafus.was - 
offered,' Corbyfegreenfieldsitesrhad already 
been opened up and prepared. 300,000 sq. ft. 
of speculative factories were under.' 
construction vrith more planned, thefirst new 
companiesareoowonslfe. 



Tlie total area covers almost 280 acres, most 
of which is already serviced vrith. roads and 
utilities. 

Then,inadditiontothebenefiteof- 
EnterpriseZone status, Corby has the 
incentives of a Development Area as well as 
BSCIndustryAid and ECSC loans. All 
of which c-an be incorporated into an 
individual package for each company. 

In recent months alone Corby has 
aftractedsuch names ps: Oxford University 
Pr^, BXL Ltd, RHM ahd'Allied Mills^^ 
Companies who took a good look at the facts . 
and figures'b^re deciding iri Corby's favour. 

. SotqkealookatCorbyyourself.You'Ii " 
soonseebowmuchbiggeroursolutioRSore. . 


Formo(«infe(iiiortion,serKitoi^MeOenoighan, 


■ Name; 

Cpmpany:, 

I Posifioi 
Addres 


Position: 

Address:...^... 


:=:;l 

Ms! 
















18 


THE MANAGEMENT PAGE : Marketing 




Adyertising standards laid bare 


BY DAVID CHURCHILL 


“TRE blood, runs in rivers . . 
and the drill tears through flesh 
and bone." That was the grue- 
some advertising copy line 
which appeared recently in sev' 
era! Sritish home *video maga> 
zincs for a horror video cassette 
called “The Driller Killers." The 
advertisement, carried in maga> 
zincs freely available in most 
ne^^'saeents and bookstalls, also 
included the picture of a hole 
being drilled through a man's 
head. 

That advertisement has now 
been withdrawn after several 
angry complaints from members 
of the public who had innocently 
bought .tile video magazines 
without any idea of the shock 
that awaited them. They com- 
.plained to the Advertising Stan- 
.dards Authority’, the "watchdog” 
body for non-television and 
radio advertising, which had up- 
held their complaints. It per- 
suaded the advertisers to with- 
draw the offending advertise- 
ment. 

The ASA had acted under sec- 
tion 11.2 of the industry's code 
of advertising practice which 
requires that "advertisements 
.should contain nothing which is 
likely, in the light of generally 
prevailing standards of decency 
.and propriety, to cause grave or 
widespread offence." 


Decency 


Tn its annual report published 
today, the AS.4. reveals that it 
upheld complaints against 
cl^'en advertisements last year 
on grounds of decency. “Al- 
though the majority of adver- 
tisements was not found to be 
in breach of the Code, the irrele- 
vent and tasteless use of female 
models, the ;;;eneraf debasement 
of language and the increaair.*; 
use of sadistic and violent ap- 
peals were, points of particular 
criticism." comments the ASA 
in its reporL 

Peter Thomson, the AS.Vs 
(lireclor-general. shares the 
cencral re^yilsion of most 
people against the current boom 
in horror videos. But he points 
out ihal it i.s only the advertis- 
ing for sucli goods on which the 
AS.-V can base its judgment. 

“ The test in such cases is 
the audience for the magazines 
in which the advertisements 
.are placed." he says. '‘In the 
case of advertising for horror 
videos we have to look at the 
opponunittvs to buy the maga- 
zine and whether Ute reader 
might rea.sonably etrp«^i to 
find such advcriiseoients placed 
there." Since home video masa- 
rines are generally about video 
equipment and les.<i horrifying 
forms of pre-recorded soflware. 
tile .'\S.\ came to the conclusion 
iluit ntnsi readers might be 
offended by the adverllsemenis. 
Moreover, ii took inio account 
the fact that home video maga- 
'’ine« wore easily accessible to 
children. 

.\dvoriislng of horror videos 
which are so blatantly likely 
to offend many people is a 
iairly simlchiforward case for 
.the AS.A to deal with. However, 
niher types of advertisements 
winch might cause offence are 
cnn.sidcrahly more diiTicuit for 
the :\S.\ tn Inok into. 

The way in which women are 
pnrir:i>cd sn advcrii-sing is a 
piiriiciil.irly thorny prahlcm for 
the .\S.\ tn tackle, as it acknow- 



NOT PURSUEO-4.367 


PURSUED -1,7n 


Peter Thamsen: “ We have to be earehil net to try to promote seeiaf diange^ 


ledged earlier this year in a 
report which was based on a 
specially commissioned survey. 
Lord McGregor, the ASA's 
chairman, said then that “ adver- 
tisers should note the subslan- 
li:il niioorily of respondents 
who accepted the possibility of 
degradation being felt by 
women as a direct result of 
ihe manner in which their ses 
is depicted in advertisements." 

Tfiomson admits that sexism 
in advertising is ono of the main 
areas of concern for the ASA. 
Yet he points out that the ASA 
has to be careful " not to go 
down the road of tr>*ing to pro- 
mote social change." He fintUy 
states that this is not the ASA's 
role: *' We can only move .in 
this direction If we feel the 
ma 4 .orit}' is likely to be offended 
by curtain advcriisoraents." he 
says. “ In the case of sexist 
advertising our survey clearly 
showed that wo have not yet 
reached that stage." 

The AS.Vs current concern 
with soxisRi in advertising 
reflects its increased confidence 
with tackling some of the more 
thorny problems posed in an 
acquisitive society where adver- 
tising's primary function is to 
put over a “hard sell." This 
confidence, however, is a far 
cry from the early days of 20 
years ago, when the ASA was 
first established. 

It came into being largely 
as a consequence of the growth 
of commercial tclerision. The 
fact that television advertising 


was fand still is) subject to 
stringent — and separate — con- 
trols laid down by, the Indepen- 
dent Broadcasting Authority 
made it incongruous that the 
more extensive advertising in 
other forms of media escaped 
censure. 

To avoid anj* statutory system 
of controls imposed by govern- 
ment, the advertising industry 
joined together to create a self- 
regulatory system for maintain- 
ing standards in print, poster, 
and cinema advertising. The 
advertising industry (through 
various trade associations) 
established a Code of Advertis- 
ing Practice and. in 1962 set 
up the ASA as an independent 
body to. monitor and adjudicate 
complaints based on this Code. 


Shoestring 


As often happens to organisa- 
tions charged with high ideals 
but funded on a shoe-string, the 
.^A in the 1960s was not a con- 
spicuous success. Bv the early 
1970s. it had become clear that 
the .AS.'\ needed its resources to 
be strengthened if it was to win 
the confidence of the public and 
advertising industry alike. Con- 
sequently. a new system of 
finance was devised which gave 
the .\SA considerably more re- 
sources to do its job effectively. 

The system imposed a levy of 
0.1 per cent on the cost of all 
relevant ad\*ertising (other than 
classified). In 19S1 this gave the 


ASA a revenue of just over ilm. 

The ASA has a fuU-time 
secretariat of about 40 who 
serve a lO^trong Council. To 
preserve the ASA's indepen- 
dence. some two-thirds ^ tiie 
Council are Anm outride the 
advertising industry and all 
members serve as individuals, 
not representing any particular 
body or section of the public. 

The ASA has two main func- 
tions — to monitor jniblisfaed 
advertisements to ensure they 
comply with the Code; and to 
adjudicate on complaints made 
from members of the public. 

Complaints from within the 
indust^ or from other com- 
panies are dealt with by the 
Code of Advertising Practices 
Committee, a 20-strong body re- 
presenting advertising industry 
trade associations. The CAP 
commictee. which operates from 
the same offices as the ASA al- 
though it works separately, also 
gives propublication guidance 
to advertisers. 

Monitoring of advertisments 
is carried .out bv the ASA in 
three main ways. First, the ASA 
scans on a re^ar basis a lai^e 
number of national and regional 
newspapers as well as a rotat- 
ing selection of consumer and 
women's magazines. 

The number of advertise- 
ments found to be in breach of 
the Code is usually very small. 
In 1981, out of the 76.160 ad- 
vertisements surveyed in maga- 
zines and Sunday supplements, 
only 145 cases were fbund to 
be prima facie breaches. This 


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is a p r o p o rtion of 0.19 per cent 
of breaches to the total number 
of aiivertisemenis. For n«ra- 
papers of all types, there were 
only 137 breaches — . or 0.03 
]»r cent of the 352,200 adver- 
tisements surveyed. ' 

The second plank of the 
ASA*s moiutoridg aetivities is 
for 12 e^iec^Uy selected pro- 
duct eategories a year to be 
examined in some detail. The 
sectors covered last year in- 
cluded Royal ‘Wedding sou- 
venirs and toy trades. Out of 
the 4.727 advertisements 
examined, some 50 breaches 
were found. This gave a per- 
centage of breaches to total 
advertisements of 1.05 per cent. 

The third system used by the 
ASA is to make random checks 
.on advertisements and ask ad- 
vertisers to substantiate their 
claims. Out of 750 display 
advertisements studied in the 
first eight months of 1981. only 
one advertiser was asked to 
amend his copy in the light of 
substantiation received by the 
ASA. 

Although the monitoring acti- 
vities are an important part of 
tbe ASA's role in maintaining 
me C^e, it is in its role as 
arbiter of complaints from the 
public tiiat it is best Imown. 
For tile past two years the ASA 
has embarked on a satetantial 
advertising campaign — spend- 
ing £350.000 of its own money 
and getting considerably more 
free advertisements . from pub- 
Ushers — to make people aware 
of bow to complain about ads 
which, in tbe AS.Vs words, 
should be “ legal, decent 
honest, and truthful.” 

The number of complaints 
received by the ASA last year 
actually fell: some 6,145 were 
received compared with 6,533 in 
1980. But the 1980 figure had 
been the highest ever received 
by the ASA, apparently reflect- 
ing the increased awareness by 
tile public as a result of its 
initial advertising campaign. 


Repeated 


Less than 30 per cent of the 
complaints received last year led 
to an investigation by the ASA. 
since many were outside its 
remit or it was decided there 
was no case to answer. Of the 
1.778 complaints investigated. 
673 were concerned with mail 
order delays and 1,778 with 
advertising copy. 

Some 826 complaints were 
ui^eld either wholly or in part 
by the ASA and in the majority 
of cases advertisers gave assur- 
ances that the offence Would not 
be repeated. However, in 31 
cases assurances were not given, 
thus forcing the .ASA to tell 
media organisations that the 
offending advertisement sho^d 
not be accepted for. publication 
as R breached the Code. 

Apart from the sanction of 
media owners refusing to carry 
advertisements which breach 
the code, the ASA* also relies 
on adverse publicity to help 
enforce its decisions. 

Peter Thomson would wel- 
«>me some ultimate legal 
sanction against rogue adver- 
tisers who refuse all the 
ASA’s blandishments to toe the 
Code’s line. Such powers were 
suggested two years ago by a 
Department of Trade working 
party and would give legal 
sanctions to the Director 
General of Fair Trading. But 
as yet the Government has not 
made up its mind about intro- 
ducing such powers. 

All the same, Thomson 
argues that, given the many 
millions of advertisements each 
year, the number of rogue 
advertisers is “ verj'. very 
small." Without wanting to 
be complacent he believes that 
advertising standards are get- 
ting better all the time. 
“Certainly, in tbe 14 years I 
have been with the ASA, the 
standards of advertising have 
visibly improved," be main- 
tains. 


'y-' 



I*' •'Me- j 
•«.. sy-i <•** ' 

I Ht. 


Ulster’s new soft sell 


SOMEWHERE among the array 
of souvenirs. advertiring 
material and ofber parapher- 
nalia circulating around tbe 
World Cup finals in Spain are 
2.000 copies of a glossy publica- 
tion advancing the delights of 
Northern Ireland. 

The booklet — produced in 
English, Frendi, German and 
Spanish — is the British 
Government’s latest attempt to 
market a rather ' different 
image of the pi^nee from the 
tragic one which it often so 
effortlessly markets for itself. 

Use of the written word by 
the Government as a weapon 
in tbe troubles is not new, of 
course. During the hunger 
strikes, for instance, it pro- 
duced an extenrive range of 
material giving its side ^ the 
case. 

The latest venture — 
“ Northern Ireland Observed " 
takes a more general perspec- 
tive. A few pictures of troops 
and police officers at work are 
scattered discreetly among 
illustrations of other aspects of 
life in Northern Ireland, and 
the unrest is referred to in. 
the text But treatment of the 
violence is relegated to a low 
second place in comparison 
with Industry. education, 
recreation and similar topics. 

Images of a country in chaos, 
says the booklet, are at best 
lacking in balance. “ Children 
go to school. Mothers go shop- 
ping. You can travel the lengtii 
and breadth of the land in an 
atmosphere of peace and tran- 


Promotional 


paperbacks 


WHICH BRITISH paperback 
boasts the longest first 
edition print run? Alan Toop 
of Sales Machine knows the 
answer. It is the 1.3m copies 
of "BaJdng your cake and 
eating ft," a book sponsored 
by the Co-op and master- 
minded by Toop’s promotion 
company. 

While more companes are 
attracted by the idea of tbe 
sponsored book, with dreams 
of anotber Gninness Book of 
Record Toop is develop^ a 
slightly different animal— Uie 
promotional paperback. 

A typical example Is 
" Practical deconcing for 



Cranfield ^ 


I 

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Managing 
commimiccrtion 
fbr innproved businos 
perfo n nance- 
a practicalwortahop 

13 r 14 , 15 Seplember 1982 

Most managers are well ewa»e that better biBiri c s 
pefformancelarMyoepcndsondTecorTT nui Ti wt orihe 
comoan/s But if the compay's internal 

communicanons lail to convey effixxively the airn$ arid plarn 
oFihe enterprise, then the opportuni^ U3 improve that 
commumervisOafy'bemgfcsL 

CranfieU Sdwol of Atinagerm and aynrnunMatta^ 
consultants Charles Barker Lyons are tunning a practical 

worftfxip to help senior management Bke a critical lode at 

their Hemal cornmunicaDon suategies Manag^ 

Connmihicatxm for biYSDved Busnem PerfomiarKe 
5rxj inmdDves taken cy a divieise mixoTweli 
known organisaDom 

OanficUSchoolafMgnagemerc-W Bbdlbrtf|Q234|7SriZZ 


To Heather MB&.^di rtifa dweOfilcB; C MUi i t ii kddu rgtttaWioft 
OrarfleldSchoolrfKtoiagen»riOanfiBld.BtotadM6t3aN. 
7;d;t0234) Tsns lkto^&6559. 
Pleasesenofuriherintomid t iononire Q oiiwi ^ ^ 

Name. 


JobTftte_ 

'Company:. 

Address— 


.Tel. No. 


-■Ref No cSDiaa 


i 

I 
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BY ALAN PIKE 

quiUty. Factories, many of 
them American and European, 
produce ^>ods for the rest of 
the United Kingdom — less than 
20 miles away>-and for export 
world wide." 

The Initial print run for 
“ Northern Ireland Observed " is 
25,000. At the Worid Cup it is 
being distributed to journalists 
and others who might be in a 
position to influence the inters 
national image of the proving, 
and further copies will be dis- 
tributed through embassies and 
other suitable outlets. 

On one level the Government 
obviously has something worth 
selling where Northern Ireland 
is concerned. The incentives to 
industry to invest there are the 
best in the UK, although com- 
petition with the Republic of 
Ireland is intense. *' Northern 
Ireland Observed " Is intended 
to support the financial incen- 
tives with a more attractive 
picture of life in the province 
than is conveyed in daily news 
reports. 

But does the Government 
really believe that any amount 
of good news — hoive\*er 
genuine, like The level, of 
educational achievement in 
XJlster — can succeed in its 
pu^ose? 'When companies 
which transfer from south-east 
England to tbe English, Scot- 
tish and Welsh development 
areas sometimes encounter dif- 
ficulty with managerial sfaff 
who do not want to move their 
families, is there any prospect 


practic^ly everyone " uith 
some wofffs by William Rush- 
ton, drawings by Larry, and 
money from Polycell. Tbis 
slim volume carries a marked 
price of 45p bat wag actually 
given away to any buyer of 
Polycell products in tbe local 
DIT department Around 
250,000 copies went this way 
and since the Sales Machine 
reckons it costs lOp for each 
book, the bill for a snecessfut 
promotion was £25,000, which 
in below the line terms* is 
quite modest. 

An enthnslastlc supporter 
of paperback giveaways Is 
SchMffer, which attached a 
book on bandwriting to a pen 
in a special offer. Spilters and 
Olivers have used them In 


of successfully marketing a 
region where the primary imago 
is so frequently one of 
violence? 

Nicholas Scott, one of the 
Ministers at the Northern 
Ireland Office, believes that it 
is passible provided representa- 
tives of companies who hare 
Northern Ireland on their short 
— or sometimes veiy long— lists 
of possible investment locations 
are prepared to go .there and 
look around for themselves. 
The Government hopes that 
"Northern Ireland Observed" 
will help whet appetites. 

Another stage in the Govern- 
ment's attempts to market a 
positive image for Northern 
Ireland will include a visit by 
James Prior, the Secretary 
of State, to the U.S. later this 
year, and other ministerial 
tours in which the attractions 
and advantages of the province 
will 'he stressed. 

It is. of cour.<sp, impossible 
to measure the extent to which 
the troubles have inhibited in- 
dustrial development in 
Northern Ireland, or to tell 
how much the image of the 
North may also have- hit 
development in the Republic. 

But " Northern Ireland 
Obsen'ed has been preceded 
similar campaigns in Japan 
and the U-S. by the Irish 
Industrial ' Development 
Agonc}'. the purpose of which 
has been to convince indus- 
trialists that Eire is not at all 
the same place as Northern 
Ireland. 


- eimpon schemes whereby the 
enstomer sends labels In 
return for a book. The attrac- 
tion is that ll is inexpensive, 
gives tbe consumer the feel- 
ing that he la getting a 
bargain, and keeps the brand 
name in constant nse. 

In the VS. the company 
book is big business, with 
drug company Smith Kline 
^d French sponsoring "The 
Byper-Actlve Child " and 
Bristol Myers “ Family 
Physical Fitness." In the IiK, 
the Queen .Anne Press 
specialises In such pub- 
lications. 

•Antony Thorncroft 


FOR 

ANYONE 
WHO’S 
EVER 
WANTED 
TO WR TE 
A COLUMN 
IN TOE 
FINANCIAL 
TIMES. 


Fill in the column on the 


DearDudifae 

Please send mycompiled* 
toorder Fact File. Here are the 
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Rrsti some detailsabout 
the size of mycomp^- 
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iwouldemAsage... 


m ^ditior^ I would like'lD 
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financial -Times liiursday .JuIy 8 1982 


THE ARTS 




lAe many sznaU featm» of :&e 'arts 
CTuntaeSj suffers from an In- is -the <^toral Fund, admiiii^ 
lOTon^ complex- . about- :the tered hj tiie- Cultural' Council 
arts. Rather than, revel 'in the since 1964 wifli the .basic aim of 
centenaries and sochlQce .af its hewing' aUve Norwegian litera-' 
tbree great sons, Grieg tuie, tlueateaed Tengiigh 

ud Munch, It .coufirants its ^>eaklng test-s^em 
harsh landscape,' scenic but un^ book by a Nbi:%vegiain .axzthar..'& 
productive. . and attempts to: . guaruteed sales of liOOO oo^es 
bring ^ntemporaiy- m .to. the by the Coundl, for circulatipa in 
isolated ■ masses ^ Just .4m of pubUc Ubiraries. So with 
them spread ' around a conntzy mum print run of 1^20&a'wriier 
larger thu ihe lilK The cool- is in business. 

cKmatfe makes ft ." . The-'f^ebd, wfajc&Tias.'a 
cleai>headed-' and civilised^— no nf a nwTu^ ' ^ftiw 'a j0arj. BHft»afgc 
commerrial felevraon, litfle 'anrand. 35. per- cent tbi5.'to 
advertising* to enliven the well- lifera'tnre tat alsu -subridises 
planned towns, the triumph ' of albums- by contezup<Hm7 Nor- 
sense oyer -sessafibii, tibe safe T wegiah- composers and belffs 
over the shodang. artists, by-, organisiog dshibi-' 

. nRie fact that ihe-'current aA. 'lions and'paj^g'for'inafexf^. 
supremo, Mr Lars Langstet, . Th^ are also .gnarimteed 
although a member of a Con- oncoones of approacms^ £5,000 
servative government, is only' -a year for imminated .members 
prepared ' to countenance a of. the aziists n^ns wfa 
second ra£o duumH provided cr eatnr e . impulses ~ need a 
by interested amateur groups — . lejsiixely gestation,-. This. might 
churches, trade unions, jouma- sound.' - bnreauentie, even 
lists, chambers of commerce^ socialistic, in- tibe UK, tat' in 
rather than allow ■commercial Norway, where the arts are 
radio, let alone a second tole- Subsidised to a snidi higher 
vision channel' iihanced by .degree, such intermeshing. of 
advertisiiig, reveals- 'Qie -Nor^ artasts with the comnuzn^ is 
wegian consensus for a regarded as normaL 
Reithoan affitude to the role • .There are elements .change 
of communication and the arts, -jn the Norwegian ar^ - The 
^ many other . respects - he Conservative Govermnenb -not 
sounds like a British ' .cabinet suzpririhgiy, ^ encouraging -arts 


minister. A toancial criris in- 
hibits expansion of the arts, 
but. the ' National Theatre, 
wrecked* by ' &e, vrtll 'be 
restored. A Norweeian Theatre, 
planned rihbe 1916, win be 
:built, dedicated to' productions 
in Ae authen.tic Norwegian 
dialect (rattier than the Danisb- 


bodies to rely less on state aid 
and more on ti^et 'sales:, the 
State Travelling Theati^ for 
exaji^e, gets only 8 per cent of 
its income from this sonrce. A 
tax bn Uank video and audio 
cassettes wilf proi^de cash for 
the -arts, and also en^e the 
Government to-cut bade. But it 


dominated .languaKOi use^ by will always play the cmitral role 
Ibsen, wbidi became the and vnll develop the arts is one 
ivspectable. Jvoice of the 19th way of hiding toiler a lar^ 
centuri'- btfore Norway gained country wi^ powerftil regions 
final ind^iendence in ' 1905), -and a small -ca^l^ city in. Oslo 
even thou^ the cost is almost amall in its ability to- finance 
£40m. . Norway must get its' the arts through private enters 
national broadcasting expanded prise.^ 


Antony Thomd^ reports on a viat to Norway 
where the arts are taken very seriously, to good 

effect. 


before the' ne\v technology .If Oslo is less than a metro- 
swamps its culture wi^ foreign polu- Beigra, half its size, is a 
transintsrions: already a . quarter very confidmit' and seK-con- 
of the population has access to talned provincial centre. For 
the two<hannel Swedish Tong' ttie main .pwt and city of 
vision. Norway it makes an ideal set- 

The great ^ock of Norway titig for Oie main event i^e 
is to find a country so primitive cultural Me of the cqimtr^ 
in its contact with the moderu '•he Bergen, liiterna'tonal Arm 
arts of televirion and. radio and F^val which has just 
so advanced in its concern with ® 

art for the people. For a pbpu- Thomassbn who is attOTptmg 
lation scattered across difficult to bimden -Ite appeal— 
terrain', the arts nu^ mudi aovelties as perforinaiice- artiri 
more than'riaials and-bounds Lsbric-. Anderson -.a nd -naked 


St Louis Opera 


Andrew Porter 


M . Saint Louis -r*. ttat hand- 
ligome, sobstaitial, ■ artistically 
rew3trding,'tzbe^ed dty beside 
the .. TfissTBrippi — Rlriiard 
Gadd^ '^has created most 
attractive . opera company ' in 
iAmerica: 'Now that British 
^edpoian .Aies London — St 
taois dkact, the June, nonlh of 
opera -tii^' deserves a place of 
hrabur . on the .inteinational 
'fe^val circuit Pve been going 
't&eia ' most -years since the com- 
pany began, in 1976, and stfll 
have not exhausted a list of 
“ things Z must see next. time 
(between operas)-'** in the city 
and its onl^irts. ' - . 

The Theatre of . St Lords 

plays in a Gl^d^Hnimeoize, 
tat; with its thrust stage, not 
ayndebonrnestaaped, Ibeatre 
OQlside the city, set on a tree- 
lined lawn, where a tent serves 
food before, ihe shows and 
dxinhs dnring -mtervals and 
afterwards. Incidental pleaaiies 
rare in America — thon^ less 
so in Europe — abound: friendly 
.tudeet takers (untilK - ttiose 
suRen guardians of the Mefs 
g(dden gate); a substantial pro- 
gramme book (free, as not in 
in Europe); coogr^tion and 
conversation after the riiows. 
The company includes America’s 
bxightast and best yotuag 
ain^rs. Ashley Putnam, Sheri 
(^enawald. Faith w^ham, jtiim 
Aler, 'VinsoD Cole, Gerry Hadley, 
Stephen Dickson are among 
there now celebrated whom 
I- first heard in St Louis. This 
year’s “discovery” is the bari- 
tone Thomas Esmpson, a first- - 
rate Gugltelmo in Co^ who has 
been singing in Germany and no 
doubt will soon be -qn g tn g in 
Glyndebonrne. . 

There were five operas on the 
bin this year: Cosi, Eiistr. the 
premiere of Stephen Paulus*s 
The postman altoays rings twee, 
and a doublebill of Prokofiev's 
MadiUlena (the American, 
premiere, and . its second - 
staging, anywhere) and the one- 
act zarzuela. La verbeno de la 
paloma. Not everything was 
good. The zarzuela was awful. 
EUsxr was rather ordinary, 
lifted to some distinction only 
by the pretty singing of Maria 
Spheagna as Adina. But the rest . 
was gripping. 


Glyndeboume by 
the Mississippi 



Patricia McCaffrey and Ashley Putnam in * Cosi 
fantutte* 


Nature. And. In the words of 
Dr Seller’s pra^ramme note; 
“working logger they contrive 
to. bring two pairs of deluded 
lovers to their senses, and iy 
demonstrating that each person 
contains an unsuspected alterna- 
tive to the forthright person- 
ality which he consciously 
claims as his own. th^ force 
the. sentimental quartet to 
real^ and come to terms with- 
the unavoidable duplicity of 
human -natui^” . ■ ’ 

At ■* stroke, this eut through 
the reams of silly speoilation 
that have been written— and en- 
'acted-^round. Cosi: how. r^ 
•are the' fervent protestations? 
•who pairs wiM whom at the 
.end? The opera is no longer 
“insnlling to women.” Coat fan. 
.tutte but eori. fan tutti, too. 
Perhaps- the most moving 
- moment of the evening was 
Ferrando’s— Gerry Hadley’s — 
realisation, during and after 
“ Fragli amidessi,” that not only 
the rock-like Fiordiligi but he, 
too. has been shaKbn by new, 
unforeseen emotions. 

The cast was first-rate: .-tehley 
Putnam and Patricia McCaffrey 
as the sisters, Hadley and Bam-p- 
son as (heir lovers, John 
Stephens as (he philosopher 
Alfonso, and Ruth Golden as 
' the straightforward Despina. 
Real people. No extraneous or 
^tuitous dowmug. John Conk- 
lin’s sets were a shade drab, 
but they supported the realis- 
tic production. Miller’s staging 
has some episodes of dumsy 
“blocking" by contrast with 
the more elegant Cos/ produc- 
tions of our time, hut its emo- 
tional truth was more, far more, 
than s^dent compensation. 

. Calvin Simmons both con- 
ducted and played continuo. 
Emotionally he, too. was pre- 
cise and Mozanian. Balance 
was beautiful. Musically, 1 
wanted rather more light and 
shade than his ?n/ sempre 
orchestra prorided — more 
phrasing in the overture, more 
freedom for the instrumental- 
ists (of the St Louis Symphony) 
to become as much soloists in 
their own right as the singers 
on the stage were. But perhaps 
I am being hypercritical. 
Beediam, John Pritchard, 


Cheltenham Festival 


Max Loppert 


Andrd Tdsaikowsky, who died 
last month after a long illness, 
was a virtuoso pianist who spent 
the Lai^er part of his career 
evading, that label His recitals, 
increasingly rare in recent years, 
could be maddening but also 
stimulating occasions, as eccen- 
tricities and insit^ts jostled 
eadi other in quick succession. 
Tchaikowsky was also a com- 
poser, though his output was 
limited. Finishing touches were 
being applied to a Shakespeare 
opera at the time of his death: 
those who (like myself) had 
jireviously encountered only the 
competent but rather anony- 


whom it is dedicated) insisting 
that, especial!}' since the col- 
lapse of tonalit}', strings and 
piano were cssentialiy incom- 
patible groups. Tchaikowsky, 
instead, emphasises their dLs- 
parii)'. The first of the two 
movements sets up a tense argu- 
ment between the linked assert 
lions oi the violin and cello 
and the chordal ripostes of the 
piano — though material is 
exchanged and challenges are 
answered on both sides, the 
basic demarcation lines arc 
maintained. In the slow move- 
ment, a long rumination with 
a passionate outburst at its 


mous piano concerto 'written for centre, contrasts are further 
Radu Lupu must have been sur- investigated: while the in- 


prised at the development of 
skills evidenced ■' the Trio 

uoriurao. whose first perform- 
ance was given at the Chelten- 
ham Festival by the piano trio 
of Frank!, Pauk, and Kirsh- 
baum. 

The premier had already 
figured on the Cheltenham 
schedule before the composer's 
death; as the centrepiece of a 
Beethoven recital dedicated to 
his. memory, the music was 
given a charge of valediction 
that . it might not have been 
designed to bear, as expressly 
at least as the occasion afforded 
it. Even so, the title suggests 
that reflection was always its 
business; and certainly, the 
intensely moving effect of this 
performance •could hardly have 
been achiei’cd without an 
inherent strength of purpose in 
its conception and fulfilment. 

A programme note told us 
that the Trio germinated after 
a remark by Hans KcUcr (to 

★ 


^ Here I must, in tiie poll- language of the performers and Mozarfs music, I caxmot reftraln Haitink, and in America today 
tic ians * . phrase, “declare an their auditors.) But since .1 from hailing Jonathan Miller's 'William Harwood have set high 
interest,” since Coal was sun|['— played no part in ttie particular production as the most emotion- Mozartian standards hard to 
for the most part-~in my trans- performance beyond, in advance, ally accurate and most moving match. 

latioh. (AH St Louis perform- translating Da Ponte’s words as 1 have ever seen. Don Alfonso More, later, about Maddalena 
ances are. done, rightly,, in the literally as was compatible with was Reason. Despina was and Postman. 


through tile ethos. "Hie* glory of daneers ftr t nw ^otr for w 

.« . ^ ^ OperR VfPTVt 


the country*' is the oiganfeed Gothen^^ tjpera 
theatiricaL • murical and . art pected -shock the- rerecctaWe 
shows . which * venture, tb coin- griltl^olk of B^sen who 
fTuinities at-tbe very-top of the iiP au^d^ce. for most 

world. •‘niB - inhabitants ' of 
Kirkenes, weH into the Arctic 

Circle, can anticipate .each year a. br^ visit, was the. C^b^ 
visits from' the Statr Travelling Ballet company which wert 
Gallery with a collection of con- pletely over the top on Soweto, 
temporary paintings; -phis tiie danced to .eoatemporaiy- -mu sic 
o rr asiOTi al Munch from.' the and - -noises into the iSteato- 
national colle^bh; musical ^here'.with a pas de deux ; .■ 
quailetri. and 'theatricail troupes dina' ogon which was onacema- 
from - the 5tete - '^ravellteg panied, apart from an epidemic 
Theatre whi^ has up to fifteen of conghhog from the audiaice, 
n^ m pftwiiwe ^av AtiiTig ’ tunr. a biit iKore' than redeemed -itself 
year and notching up 200 venues with Beroordas -'hua, based -on 
between them. Lorca’S play The : Sense of 

The Goveniment both BernodoJ • Alba, and in which 
national and local, ^bsidises Spmash giper^to a^^w^ 
these even' thonidi the r’a^reg^tihgly hvote e i y’te ^QMmeo- 

grtistic bigaziisatiobs ' have a v 

vnry rational view. of. the -state" .•'■BeTg»*_'li^t'*M one^r-liie 
of the arts- in Norway. • tn . lObst attractive of the -European 
m'usic tiiere'is a great deal of- festivals The-tdwn-is-Aeright 
activity;- the* visuid' -arts' are *^6' -arid formrily -^pictinehqne - 
hampered' by a lack of private -a^- 'tiie programme conAines 
patrons; the' theatre is predict-", 'the.Scandinavian -arts esteblisb- 
able because in such a sensible 'ment with' miou^ expeinmenm- 
country there is a marked la«A tion, especially in conlempora^ 
of that' social and ]>olitical ' music. It could -do with' a fringe - 
. polemic which keeps the British -but.. in -the meantim.e the other 
fringe in business. Anyway all side of Norwegian- life can be- 
the professional writers, must-, 'eqilored .at the parallel jaa 
cians, and artists are organised ' festival -vdiich featured- such 
into unions which monopolise surprises as ICachito, the veteran 
their r^ective arts and ensure' latin-jazz leader -with- the 
patronage. .eboUient band-;stuffed with his 

Perhaps the most distinctive .. offspring.* . 


Arrau & Muti/Festival Hall 


Andrew Clements 


Tuestiajr’s ;TPhilharmonia Beethoven's (he left ttiree for 


concert was the end of what 
by-, any standards has been a 
fine season for tiie ordiestra. 
Riccardo Muti . conducted; the 
soloist in Beethoven’s . fourth 
piano concerto was : Claudio 
Arrau. Arrau will be 80 next 
February; in many of his recent 
Festival Hall appearances ' his 
playing and his manner have 
utterly contradicted that fact, 
and in some ways so did his 
performance here. Technically 
is -was as assure as even scales 
and figuration purled off with 
evenly weighted tone; chonftng. 


this concerto) that develops 
the openitag - theme most falth- 
fizliy. that enhances those first 
musings. Had this been the 
performance of a younger 
pianist it would have been 
maiked down as “ exploratory " 
or “transitional:" as that of a 
master - pianist in ripest 
maturity it seemed almost to be 
the picking up of long- 
discarded trains of thought — 
ideas with the passion that once 
motivated them long forgotten. 

Muti and his orchestra- accom- 
panied faithfully and with 


oocasioiiaily favouring left hand appropriate restraint The 
ov^' ligb^ firm and 'well account of Beethoven’s second 
focuseti- ' : S^nrphony that followed gave 

In -hie -nibato too ' Arrau had vent to the conductor’s more 
returned , to tte flexibility of natural inclinations, presenting 
former 'days: The heavily under- a woric diafing at tihe -hounds 
scored point-making, the age- of (dassicism, encompassing a 
long pauses for breath, that largeness that suggested the' 
disfigure some of his recordings c/mipositioa of the Eroica as the 
of a decade ago were- hardty - next logical and inevitable step, 
in evidence here at aU. Yet the The concert had begun -with an 
concerto remained curiously oddity, the Music of Gaiiy, 
iiiigflt.irfying - a view of this arranged from the Fitzwillian 
most rarefied of piano concertos 'Virginal Book by Bnmo 
iMtbout a hard kernel, of truths. Maderaa. Excitement that here 
in place of coDyentional was the Philhannonia program- 


The TaUdng Band/Round House 


Rosalind Came 


The theatrical experience is to suggest corridors of master- 
pretty deflating but the bluzh pieces. Poor Gioconda. stiff with 
sounds good, so I shall start grinning and boredom, flies out 
'With that Paul Zimet. an ex- the window and off to Shanghai 
member of Open Theatre, to join Si-Ya-U. After this evexy- 
arrives at The Round House thing becomes confused aud the 
wi1(h his company The Talking poetry, appealing if quirky in 
Band for their first appearance the opening section, becomes 


Warsaw 

Opera 


The little Warsaw ensemble 
dedicated to the performance 


The Cimarosa opera is a r.'irity, 
of iSth-cemury opera (though L'impresartn /» a>/i7Msr;c of 1TS5. 
its repertory also ventures into Goethe knew ,ind admired it; 


in this country. Their double 
bill starts with a “ comic, 
romantic, revolutionary i^era " 
based on an epic poem by the 
Turkish poet, Nazim Hikmet, 


lost in the chanting of the 
bizarre, heroic conclusion. 

The retold Tristan and Isolt 
involves two Isolts to complicate 


translated by Randy Biasing original tragedy. I liked the 


Apollonian elegance. ■ 'Arrau 
offered a leak confident- tone; 
•teliingty he:Chore ior-the first 
mOiVemeiit'- tiie- cadenza of 


Tiling a contemporary composer 
in a repertory concert -was 
sli^tly abashed by the straight 
fidelity of these transcriptions. 


and Mutlu Konuk. Part two is 
an adaptation of the Celtic 
legend by the Compaity and the 
poet Sydney Goldfarb. 

They tackle this ambilBOUS 
progranmie via shared reclta- 


modem angle which draws in 
duller mortals from the side- 
lines, heightening the sense of 
everyone wanting what tb^ 
cannot have. But there is far 
too much general fondling, 


tiom gesture, ta3>leauz, diadow wafling and moaning. Tristan’s 
puppets and e score which is, at death takes a new tuni. and he 
its best, moodily rhythmic. At expires as a result of a bad joke 
its worst, it sounds like impro- from Isolt number two. the one 
vised humming. Some of tiie he doesn't love. Further novel 
visual effects are admirable and strands are appended to the 


there are moments to savour, 
but one needs an indulgent 
critical temperament to db so. 

Hlkmefs fantastical saga 
deserffies the passion of the 
Mona Lisa for a young Chinese 
revolutionary who - visits the 
Louvre in 1924. Actors: suitably 
drap^, flash up behind screens 


simple tale, and the performers 
sway around with self-conscious 
balletic mannerisms in front of 
a large wooden screen. There is 
some smoDChy saxaphone and 
clarinet playing from Harry 
Mann, who also fools around 
effectively with the insides and 
outsides of a piano. 


other periods) was founded 
only a decade ago. It has 
already reached an admirable 
standard and quite distinctive 
style of presentation; in a first 
visit to Britain, at the Chelten- 
ham Festival this week, the 
Warsaw Chamber Opera offers 
three programmes, of Cimarosa. 
Haydn, and Rossini (ll cignor 
Bnisehino, toni^t and to- 
morrow) each 50 far of suffi- 
cient interest and enjoyment to 
make one wonder why no group 
of comparable size or purpose 
has sprung up on our own 
operaticaUy much more fertile 
shores. 

Haydn first, even if on the 
festival schedule he came 
second. First, because it is his 
anniversary year; first, more 
important, because of the 
charm, nimble workmanship, 
and flashes of genuine operatic- 
ness that came through the 
Warsaw performance of his 
Goldoni cpmedy Lo speziale 
(flashes that mostly fail to 
reach an audience from the 
larger, more elaborate • Esters 
hazy operas). The manner of 
the production was modest in 
the best way: seven musicians 
plus continuo in the pit (the 
necessary adjustments to 
Haydn’s scoring being tactfully 
made), a cast of four (plus two 
supernumeraries), and a facade 
set most wittily employed by 
tile producer, -Andrzej Sadowski. 

The fun was directly derived 
from a decision to go delicately 
with, not vulgarly against- the 
grain of the comedy. And when 
Haydn's musical scope expands 
— as it so happily does in a 
quartet for deceived elderly 
suitor and ' his -unwilling 
betrothed plus two younger 
swains in notary disguise — the 
performance matched such an 
expansion. ' The companion 
piece, a Hadyn cantata Die 


in later eras caps opened in the 
score (recently filled by dis- 
coveries in Budapest), and the 
whole work fell into an obscur- 
ity not wholly deserved. A 
backstige coansdi', of a kind that 
reached Its uTttnmtc fulfilment 
in the first part of Strauss’s 
Ariadne (though Donizetti’s 
Concenfcmcc cd fnconrenicRZC 
teatrali lies nearer home), it 
brings the composer of a new 
opera, company of two. imported 
prima donna, librettist and 
debt-ridden impresario (he fin- 
ally takes flight) into typically 
neat Cimarosa situations. 
'Typical likewise, in the score 
as we heard it, the apt bright- 
ness of invention untouched hy 
Mozartian depth.s: and the two 
acts — including an elaborate 
air for prima donna plus flute, 
and finales in which Cimarosa’s 
art is fluently .sampled — ■ were 
nor without longueurs not felt 
in The Secret Marriage. 

I used the phrase “ as we 
heard it for without a Cim- 
arosa score to hand, it wa.s hard 
to know hou' much had been 
omitted or transposed (in the 
first act three succes.<ive num- 
bers in C major, and in the 
second four in E fiat, seemed 
unlikely tonal planning); and 
despite insistence in the pro- 
gramme to the contrary, 
Havdn’s oririnal vocal disi>os- 
itinns were not complied uifli — 
the travestv suitor was here a 
tenor, .md the tenor apothecarv 
here a baritone. 'What m.ittered 
most was tiiat, under Tomasz 
Busaj's baton. Haydn and Cim- 
arosa flowed, liifiitly and 
stvlishly. No outst.'indin'! vocal 
talent revealed itself in the 
comoanv. thon.'sh the sopranos 
.Tolanta R.ndek .and .41icja Slow- 
akiewira and partinilnrly the 
tenor Ivazimierz Myriak (an 


Enenh/unp efiicr Ropellmeiaterx '.*<ppeating comedian) had grare- 
(ApoUo being the elector, and ful moments. To encounter 
the conductor that of his genuine ensemble opera of this 
Heavenly choir) should pro- kind is alway's a pleasure. 


fluences of Bartok and Berg 
loom large in the music, its 
own individuality is .always 
sharpty profiled. On another, 
less emotional ocuasion. the 
performers might find the .slow 
coda hard to bring off: here, 
it came ns the inevitable close 
of a most eloquent and heart- 
felt performance. 

Cheltenham morning conccrlf. 
though novelty of the flashier 
kind has been avoided, arc 
providing food for thought. Tlte 
Konfanslq.’ brothers, fresh from 
Their 2-piano reaiai, have 
repealed their spell-binding 
rending of the two Imoks of 
Boulez structures; the second 
half of the concert, no whit 
less demanding of concentration, 
gave us a rare acc-junt of 
Busoni's /oRtOiito coRt.-n.rpuntis- 
Tira in its final version for two 
pianos, a craggily magnificent 
edifice built with unanswerable 
aulhoritv .md brilliance b^‘ the 
Kontarsib's. 

-A- 'A' 

perly not be staged, and is 
probably not authentic Haydn. 
Given with a touch of Offen- 
bachian merriment, it justified 
the doing. 





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CHiCHESTBR 'fIBTiVAL THEAWtS. ^0»3 


7BUf2. Seam sooHO^- Ma^ 
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HAYMARKET THEATRE ROYAl. 930 
»3Srundl Julv 7. Jvn 73o. Mats Wed 
2*30. M 4.0. psn» BARKWORTH, 


ANTHOIdY QUAVLE. MICHAEL 
finSlSON In * MAT ok. VARMI EH., A 
MW play to RomM_MII^. anraRcd 
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ANTHONY ChIaYLE. RDMHIPTO IN 
MPERTOUte WrTH HOBSONS . CHOICE 
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Tomor a Toes at 7.30; Falstal. 'Sat at 
tUsO!, Dar ntHOaita Mob it 7.30, La 
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BATTERSEA 


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at .7,30, . SM ar. 2JI0 a 7 JO, 


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DONMAR WAREHOUSE 41 Earlbam St. 
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8. Mat 9 a E. 


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HAYMARKgr 

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' Comedy by Harold Briohouae. Directed 

-Keith lln_.CAPTArN 'mu 


THEATRE ROYAl. - 9S0 
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TREVOR 
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OPEN AIR REGUrrS PARK. 5 486 »51 




... .... today 

a Sat Z.50 4 7-4S Frt - 7-C5. ShakM- 
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PAIACE^CC 01-437. 6B 34..gC. IMlM 
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BLAKELY. ROSEMARY . KA.RRIS .'In 


F.T. CROSSWORD 
PUZZLE No. 4^17 


ARTHUR" MILLER’S ALL MV SONS. 
Directed by Michael Blakemorc. 


YOUNG -VIC (Watprieo). 928 8363. From 
Toes WAITING FOR GODOT. Dir, „to 
Keb Cam^lL erom 3 Edward For 


in HAMt 


BUILDING . 
SOCIETY SATES 

Saturday the 
Financial Times 
publishes a table 
giving details of 
Bnilding Society Rates 
. on offer 
. .;to ffie public 

’For-furtft^ details 
. please 

01-248 8000 
Ext, 360$ 


ACROSS 

1 Evasive ttaiarist? (6) 

4 Hood lookang sort -of strange 
on head of Gilbertuie (8) 

9* Extremely gawky holding 
giri^appeaiing expression- 
less (6> 

10 Result— Fm at Epsom, on 
the inside— last! (8) 

11 Trance-producing beverage 

( 6 ) 

12 Advantage gained from tiiis 
purchase (8) 

13 Fail in eramination— get the 
htmip (3) 

14 Poor artist in difficulty (6) 

17 Cigar smoked by Big^re for 

example in bed? (7) 

21 Ackpowled^g applause for 
'Violinist’s performance (6) 

25 A jolty weapon (3) 

26 Perverse tike the nursery- 
gardener (S) 

27 A trace of a rise (6) 

28 Sort of race to make Coe 
blast ... (8) 

29 . . . last events of people 
passing out (6) 

30 Changed rands apt to be a 
hazard for Gary (4-4) 

31*‘The Daik Lady" not to 
opes— 4t. is way outl (6) 
DOWN 



1 *Ezcellent headland suit- 
able address for a pEinoe (8) 

2 Obsdete vdnde for those 
wta all fell down? (44) 

3 East End district still very 
happy (8) 

S. Having dropped off, order 
please! (6) 

6 Girie pitaared to become 
travel couriers? (6) 

7 Potty thing to defeat the 
fortune-teller (34) 

8 Sffioidng-Jacket? (6) 


12 Bonn for Readiii^s scale 
r^way (7) 

15 Yotir old part of fifth year 
• (3) 

16 Situation for little- woman 
<9ening boutique (3) 

18 Bftising passes to Browning 

( 8 ) 

19 Dog tarnmg out to be A1 
leader (8) 

20 Got sites ready for 8el^ 
caterers (8) 

22 Sweeping strokes make sen- 
sationai news-items (6) 

33 Complete agreement on the 
pitch? (6) 

24 Notorious temperaiture 
Scottish isle (6) 


25 Pine for, list of names in 
motoring organisation (6) 


Solntion to Puzzle No. 4,916 

11 



on 


3BQB LdaSQ 

c a H PI 
C3DBQ oamaBsan 
Q n 3 n E Q 
DaSCQ BDSnSHH 
.an n E a 













20 


Financial Timei Thursday July S 1SS2 


FINANCIALTIMES 

BRACKBJ HOUSE,. CANNON STREET, LONDON BC4P4BY 
l^egrams: Finantkno, Ixndon PS4^Telex: 8954871 
Telephone: 01^488000 


Thursday July S 1982 


War is not a 
path to peace 


THS case for tiie Israeli opera- 
titm in the Lebanon is based 
on the premise that it will bring 
about a long-term, perhaps even/ 
a permanent, improvernent in 
the aecuritiT of Israel and in the 
stability of the region. If these 
I long-term aims can be secured, 
the casualties on the Israeli side 
and the much la^er casualties 
among the Palestinians and Uie 
Lebanese, horrifying as they are, 
may to some people seem a 
price worth paying. 

If the Palestine Liberation 
Oiganisation can be eliminated 
as an organised fighting force, 
the argument might go, Israel 
wtU cease to be vulnerable to 
its attadcs. Israel has once again 
demonstrated its military 
supremacy in the region, and 
the dismembennent and 
removal of the PLO will be the 
final piece in the jigsaw, which 
V.1U also restore stability to the 
Lebanon. 

To be sure, there would 
remain a continuing danger of 
sporadic terrorist acts by frag- 
mented Palestinian groups, and 
much of the rest of the Arab 
world would remain a source of 
hostility to Israel. But in general 
terms, the Palestinian problem 
would be containable for an in- 
definite future. 

Long-term 

If this case seeaned plamdble, 
ft would have much to recom- 
mend it, in terms of realpolitiit. 
The West has every interest in 
seeing greater stability in the 
Mid^e East: Israel's survival is 
vital, in political and psycho- 
logical terms; the Lebanon has 
for. too long been wracked by 
civil strife, and those internal 
conflicts have been seriously ex- 
acerbated by the presence in 
Lebanon of the forces xsi the 
PLO. 

Unfortunately, we do not 
believe that Israel's longterm 
objectives are attainable by the 
means it has chosen, and we 
greatiy fear that its strategy- 
may make its problems worse. 
Moreover, whatever the opera- 
tion may do for Israel’s security 
in the short-term, it may 
seriously aggravate the broader 
uroblem stabiUty in the 
region. 

The first difficulty with the 
Israeli strategy is that it seems 
to assume' that, after the decapi- 
tation or diaspora of- the PLO. 
the Palestinian problem will 
somehow dwindle to insig- 


nificant proportions. This is an 
inherently implausible assump- 
tion. because there are too 
many Palestinians: at least 
400,000 in Lebanon and l-Sm 
on the West Bank, not ' to 
mention those living as second- 
class citizens in Israel, and 
those scattered tfarou^out the 
Arab world. Whatever happens 
to the PLO as an organisation, 
it seems bound to have a suc- 
cessor of some kind, and the 
Palestinian people will remain 
a permanent factor in the 
Middle East equation. 

Problem 

Moreover, if significant num- 
bers of Palestinians are dis- 
placed to Syria or Iraq, it would 
seem inevitable tbat their 
politico-military policies would 
be even more strongly aligned 
on those of these two hard-line 
states, than they are at present 
under the relatively moderate 
leadership of Ur Yasrir Arafat 

The central problem in the 
Middle East is not and has not 
been for some years, any direct 
military threat to Israel from 
any of the neighbouring Arab 
states, but the problem' of the 
Palestinian people: what is 
required to deal with that 
central problem is a political, 
not a military, process, which 
-will eventually give ftem a 
permanent home. This 
principle was im^icit in UN 
Resolution 242, which called on 
Israel to withdraw to its pre- 
1967 borders: it was more 
explicit in the Camp David 
agreement to whidi Israel is a 
party; and it is explicit in the 
position of -tiie European Com- 
munity. 


PoUdeal 

Even to start such a political 
process would require a major 
change of attitude among tiie 
Palestinian leadership, and an 
even bigger change ^ attitude 
in IsraeL The international 
community, for its part, most 
be prepared to go h^er than 
it ever has before in 
guaranteeing Israel’s security 
on the ground. The proce^ 
cannot even start so long as 
Israel continues to believe that 
its security lies exclusively In 
the exercise of military mi^ 
and the steady extension of its 
effective frontiers, or so long as 
the U.S. administration appears 
tacitly to endorse the strategy 
of Mr Begin. 


Fixing pay in the 
Civil Service 


THE TERAIS of reference of 
Sir John Megaw's committee of 
inquiry into Civil Service pay 
came dangerously dose to 
demanding that all possible 
circles be squared. Among 
other things the committee was 
to have regard for efficiency and 
fairness, the orderly conduct of 
government business and the 
need for the Government to 
reconcile its responsibilities For 
the control nf public expendi- 
ture and its responsibilities as 
an employer. 

No ernup nf people entrusted 
with the job of making recom- 
mend.'iiions nn the principles 
and practice of pay dotermina- 
non in the non-industrial Civil 
Service can expect to win \s*holc- 
sale support for their findings 
in the present economic 
climate. The task is more diffi- 
cult than that of the Priestley 
commission which provided the 
blueprint for the system that 
has operated over the past 
quarter of a ccnUiry. 

The Megaw report should be 
judged on straightfoxwardly 
practical criteria. Do its 
recommendations offer a plaus- 
ible. workable alternative to the 
status quo? 

Bargaining 

In onr view its main recom- 
mendations do indeed represent 
an important step in the right 
direction. In Civil Service pay 
b:iruaininn there is little real 
alternative to a si'stem based on 
comparabil:t>’. The trouble with 
the form nf comparability 
introduced by Priestley was that 
ir was not adequately adjusted 
to allow for efficienc>'. Govern- 
ments were inclined to over- 
ride it whenever the public 
sector borrowing requirement 
demanded, as the present one 
did last year with such disrup* 
tivG and costly results. 

IVliat 3!egaw calls for, in 
effect, is a refined system of 
comparability in which the com- 
parisons are made exclusively 
with the private sector and then 
adjusted on the basis of 
market-related principles to 
build in efficiency. The govern- 
ing principle is that Civil 
Swvice employees should be 
paid enough, taking one year 
with another, to recruit, retain 
and motivate them to perform 
efficiently the duties required 
of them at a suitable level of 
competence. 

In practice that means a 
s^-stem of " informed collective 
barsaining ^ in which a' new 
Civil Service F?y Information 
Board would m.-iv a crucial 


part Listead of using .the Pay 
Research Unit, the new board 
would delegate the job of 
making comparisons to leading 
firms of managizig consultants. 
It would then establi^ each 
year the trend of increases in 
pay in the private sector pay 
round and tMs information 
would be cross-checked evety 
fourth year a review of total 
pay. 

Questions 

On the basis of this analj-sis 
the board would establish a 
range of pay increases for 
various groups within the Ch'il 
Service. Negotiations would 
then take place between govern- 
ment and unions on where, 
within this range, the pay 
increase for a particular group 
would fall. The main elements 
In the bargaining would cover 
recruitment and retention: the 
financial and' economic back- 
groond; efficiency and produe- 
ti\it>*: and conditions of service 
and fringe benefits. 

scope for argument about 
pay Itself would thus be tightly 
circumscribed. But iwoductivity 
and efficiency questions take an 
important place hi colleotive 
bargaining and report 

recommends, in addition, tiiat 
performancerelated pay should 
be introduced at all but the 
most senior levels. 

Any move aw^ from a 
system in which civil servants 
can look forward to automatic 
pay increases to one- in which 
comparisons are martet-relat^ 
and where due attention is paid 
to merit is bound to be wel- 
comed by the Government. 
Whether the si'stem will work, 
however, depends heavily on the 
readiness of both tiie Govern- 
ment and civil servant unions 
to £five it a chance. 

Minority 

A minority report fay Mr John 
Chalmers argues that pre- 
detennined carii limits are 
impossiUe to reconcile with a 
free system of pay bargaining. 
11, as Megaw recommends, the 
Government does not reveal the 
pay foctor in hs cash limits, but 
does take into account realistic 
assumptions based on what is 
happening in the private sector, 
that need not be so. The point 
is that pay assumptions should 
help in the setting of cash 
liTnits. not the other way round. 
If the Goi'ernment ignores that 
Iimdamental principle, there 
will be yet more dissatisfaction 
and disniption in Uie Civil 
Service at high cost to alt of us. 


CIVIL SERVICE PAY 


Subtle steps in the 



By Philip Bassett, Labour Correspondent 


T SE GOVERTilMENT was 
resterday fonnaRy handed 
Ibe latest attempt to si^e 
one of the most difficult 
prohleitis which has beset all 
Brit^ govmunests since the 
war-^ow to set wage leivds ui 
the puUjc sector. 

All previous efforts to 
reconcile tiie Government's two 
ndes— responsibiliiity to -the 
national economy and its 
reqmnsibillty as an aaployei^ 
have foundered sooner or lato^. 

The latest attempt — the 
recommendations of the Govern- 
ment's Inquify into the pay of 
530,000 white-collar civil 
servants — may be more con- 
sidered and subtie tiian many 
its predecessors. But it has 
taken so time' at all for the 
leaden eff Britain’s 4m public 
service workers to attack the 
proposals as just anotiier bhie- 
{uint for a “baekdooir'' pay 
policy. 

Publicly, the Government 
does not accept tills. Sir 
Geoffrey Howe, Chancellor of 
the Exdiequer, speaking on the 
eve of publication of the 
inquiry's report, said that jnst 
to get sew negotiating 
machinery for dvil servants 
wonld be an ariiievement in 
itself. Extending its principles 
to other gronps was a separate 
issue. 

But he admowled^ tiiat 
the Government is looking for 
some long-teim pay system for 
other groinpa — the nurses, for 
example— and Sir John Megaw’s 
inquiry is going to have a 
considerable bearing on 'this. 

Privately, many IGnisters 
concerned irith ^blic sector' 
pay agree on the importance — 
and probably the far-readiing 
agnifieanee — of the Megsw 
report Some go so far as to 
regsud it as the best chance 
yet of a solution to the prob- 
lems of public sector pay. 

The inquiry was set up 12 
montiis ago as part of the settle- 
ment of tire lengthy, bitter and 
costly strikes over pay ~by civil 
servants vriiidi' eventually lost 
‘tire Government more tiian 
£500m in revenue. 

Since then, in 39 separate 
meetings, and at a rough cost 
of £160jK)0, the inquiry has 
examined almost 250 pieces of 
evidence. As well as evidence 
from obvious parties— the 
Govenunent the nnirm^ — 
the inquiry examined submis- 
sions from bodies as diverse as 



Oril gerv""*’ during last year’s dispute: will the Megaw report mean s mo o th er negotiations? 


GEC, British Rail Ford. ICL 
Lucas, the Prudential, the clear- 
ing banks— end even the Corn- 
w^ Indnstrial Development 
Assodation. 

The variety of the interested 
groups shows the importance of 
Civil Service pay — not just to 
tiie economy, thon^ its costs 
are now running at £4Bbn a 
year — bnt as an example to 
other workers of how far tffe 
Govenunent, in 'urging pay 
moderation, is setting its own 
house in order. 

In tiie first instance, tiie new 
system is direct^ ^plicable to 
'tte Civil Service. Bnt it has 
olear|implioatlons for tvro otiier 
large groups of workers: 

National Hedth Service. Part 
of tii e settiement of tiie carrent 
pay c^ute ir»y weR inr 
volve b^itai andU^ work- 
ers as well as nurses bdng m- 
eluded in a long-term stiidy of 
bmf tiielr pay should be effec- 
tive^ taken out ci the area of 
industrid ccmfiact 

A onmJidwiiiiiai memorandum 
by the Department of Healtit 
and Social Security to tiie first 
TTieeHog of the oommittee look- 
ing at BBXses* iong-term 


ar rang ements states dearly of 
the Megaw conunittee that “ al- 
tho ng h tiidr recommendations 
wUl of course be immediately 
related to the particular cir- 
cumstances of the Crril Service, 
the Government wtB again not 
to come to any conclusions 
on the arrangements for nurses 
until they have received the 
committee’s repcHt." 

Local government. The pay 
of Britain’s 300,000 whztecdler 
coufl^ workers was linked un- 
til recently to rises in the Civil 
Service. Some union leaders 
'believe that local authority em- 
ployers may table proposals for 
a new pay system from next 
year on the basis of the Megaw 
findings. 

They point out that a system 
of job evahiation— central to 
the workings of the Megaw 
system — already etdste in local 
govemm^t, and that a central 
Pay Information Board as pro- 
posed by Megaw could earily 
be extend to caver local gov- 
enunent and would probably 
be welcomed by tiie Local 
Authorities Conditl<ms of Ser- 
vice Advisory Board, 

seem to be five main 


areas of the iwrt which could 
have far-reaching consequences 
for public service pay 
determination. 

• Cash limits — The inqulir 
acknowledges that' It had to 
consider 'the interaction 
between cash limits— the finan- 
cial constraints imposed by the 
Government on the public 
service whidi normail^ indude 
a specific pay provision— and 
pay settlements. But it duds 
the issue of how to resolve tins 
centradiction. 

• Arbitration — 'nie Gevern- 
ment, in November last year, 
analysed the arbitration 
arrangements for all pay bar- 
gaining groups in the public 
sector. The ccmchisioa of the 
oonfidsttial Cabinet committee 
studies ivas tliut "the main 
defect in many current arrange- 
meets is that the? provide 
undlateral access to axbitraticHi; 
and that this ri^t should be 
re-negotiated cr if necesaK>7 
ivdthdrawiL’’ 

So far, the Government has 
lied little success in this, bnt 
following a high arbitrotion 
award far the gas indus^ this 
year, it is toefidng at the issue 


again. Ihe reoHttmendation of 
the Megaw committee to with- 
draw unilatml access gives 
considerable support to the 
Government's line. 

• CooUng-oS’ period — The 
Megaw inquiry reintroduces 
into the i^ic sector the idea 
a£ an e^ereed pause before 
industrial action. This was last 
tried out undd* the Heath 
Government’s ill-fated Indus- 
trial Relatiras .Act of. 1971. but 
failed ^lectacolarly. when the 
National Union of RaMwaymen 
voted to strike in a ballot after 
a cooiing-off pause. 

• Comparability— The report 
goes a considerable way 
towards resolvi^ tiie Gsvei^- 
mentis difficulties over public 
sector contoarability. regarded 
by economic Ministers as an 
en^e of . inflation. It virtually 
restructures the system in a 
way that will clearer prove 
attnactive to other emptoyers 
for whom the tati-dbasing 
wlurligig of annual pay com- 
parisons has inermingiy 
become a major lieadache, 

• Job evaloation— As part of 
the process of comparabilfty. 
the Megaw inquiry favours 


' factor analysis. This. invnl%'es 
identifying kei' areas of jobs, 
such as skill and responsibility, 
and comparing these elements 
with those in jobs outside. It 
. disr^ards job^or-job studies— 
-compering whole jobs with 
similar jobs outside. 

The system of job ei'aluation 
used for this factor analysis 
would be operated by outside 
management -consultants. The 
committee suggests the system ■ 
to be adopted should he that 
currently operated by such 
major consultants as Hay-MSL 
and Inburan. both of whom were 
closely involved with the in- 
quiiy. - 

The system can be adapted to 
operate elsewhere. Indeed, in 
its Megaw evidence, Inhucon 
specifically suggested extending 
the arrangements to form a 
National Pay -Data Bank, which 
it said could be used for such 
groups as teachers, the police, 
and firemen as well as Civil 
Sen'ants. - 

An odd and tor the Govern- 
ment potentially embarrassing 
element of the report is its 
relationship to the views of the 
Clegg Commi^'on. Professor 
Hngh Clegg, chairm.in of the 
Standing Commission on pay 
comparability . which was 
sapped soon after the Govern- 
ment took office, gave no evi- 
dence himself, but some of 
Megaw’s recommendations fol- 
low dosely snggestions put to^ 
ward by Clegs in his last report. 

The Megaw recommendation 
also pose a number of practical 
pi^lems. For instance, to 
avoid uprating ~ operatins a 
form of pay Indexation — the 
inquiry snise^ basing com- 
parisons on private sector deals 
between .August and' Fd>ruary. 
However, relatively few deals 
are struck in that period, for 
some unions, 70 per cent of pre- 
vious comparators would be 
excluded. 

It suggests that an>‘ long-term 
catching-up should be spread 
over a period of years on top of 
normal settlements: in practice, 
such a suggestion would be un- 
likely to find political accept- 
ance. 

The Government seems likdy 
to accept most of the Megaw 
proposals. However, the com- 
mittee's failure to square the 
eir^ of cash limits and pay 
comparability, means that the 
thorny question of public sector 
pay is far from resolved. 


HOW OTHER COUNTRIES DETERMINE PUBLIC SECTOR WAGES 


The new system of Civil 
Service pay that Britain is 
likely to adopt has parallels 
with civU servants* pay 
arrangements in otimr coun- 
tries. A study published yes- 
terday by tiie Megaw inquiry 
notes that in all systems, oamr 
parisons play a part. 

The inquiry’s report notes, 
too, that “ in most eoontries 
tiie system tor determining 
CivO Service pay seems to 
come under pressure in times 
of econonde ffiffieolty.** The 
influence of negotiations and 
the onions varies from almost 
nothing (Netherlands) to very 
considerable (Canada and 
Denmark). 


CMI servants in Britain do 
not have a specific ri^t to 
strike — nor do any other 
workers — bnt they are pro- 
tected by a range of legal 
fanmnnities. Civil servants in 
Germany, Denmark. the 
Netherlands and tiie U.S. do 
not have Ae r^t to strike; 
in Italy they do. In Caimda 
and France they may strike, 
unless staff are essential for 
the safety and security of the 
puhlia 

Civil servants in France, 
Italy, the Netiierlands and 
Che U.S. have no provision for 
arbitration. In Canada, arbi- 
tration is allowed, and ' Is 
itiiniiog -- In Denmark the arbi- 


trator is Parliament, and In 
Germany there Is a non- 
binding arbitratimi scheme 
whirii is rarely used. 

The main points of foreign 
pay systems are: 

• U.S. D^iartment of Labonr 
prepares comparisons data 
animally . Pgy data CtdleCtoTS 
recommend to Congress pay 
rates based on this, which 
can be, and often are, si^er- 
seded by pay rates from the 
Freridot. Last year. Hr 
Reagan pot to Congress major 
pay dianges: a 6 per cent eat 
to take accoont of job seeoxity 
ete^ and provision for pen- 
sions to be taken into account. 
Budget proposals tor 1983 
TiwMiwaa withdrawal of 


these, in favour of a tall-^ 
scale review of pay deter- 
mination shnilar to Megaw. 

• Germany. Two main types 
of dvll servant: **Beamte” 
(with job seemity, index- 
linked pensions) and ** Anges- 
tellte” (less favourable con- 
ditions). Salaries of Anges- 
tellte negotiated fir^ taking 
comparisons Into account; 
salaries of Beamte tiien deter- 
mined by Act of Parliament 
taking into aeeonnt new 
Angestellte rates. 

• Franee. Despite a compile 
points-valne pay detomiina-. 
tion scale, w is in practice 
aligned with price movements. 
Allowances and discretionary 
iHHHises add eonsiderahly to 


rates, particularly for higher 
civil servants. 

• Italy. Pay negotiated, tak- 
ing into account cmnparisons 
with outside pay. Salaries are 
then Indeed to index of price 
changes. 

• DcmmariK. Bl emriai pay 
deals. Use Is m»de of eota- 
parison data in negotiattloiis, 
carried ont in parallel with- 
tbose in private ' seetm:. 
Between major deals, provl- 
sl(Hi is made for jnereases in 
cost of living and ^vate 
sectur wage drift 

• Ntoherlands. Twleoeniinal 
pay adjustments. First is 
bi»cd <a teecasts private 
sector wage trmids. Second, 
six TiMHiflif later, 'brings 


salaries into line with prii-ate 
sector pay movements over 
preWons 12 months. 

• Canada. Independent Fay 
Research Bureau provides 
comparison data for negotia- 
tions— bnt either side may 
ignore it. Unions tend to use 
price tndiees. Government 
the comparisons. 

• Australia. 'Wages are regu- 
lated at sfx4n<mthly interv^ 
tor all sectors of the economy. 
Moeh-dispated system. Last 
year the bo^ numing it— 
the Australian Conciliation 
and Arbltrathm Commission 
-bedded on an • automatic 
Mwmfli pay increase of 80 per 
cent of amsumer price 
increases. 


Men & Matters 


Cluff*5 decade 

Cluff Oil was 10 years old yester- 
day-— and though it has not yet 
tapped a really big gusher, the 
lanky founder and chairman, 
“Algy" Cluff has earned quite 
a bit of money as well as 
admiration in the industry for 
his persistence. 

Not as someone once said of 
the snappily-tailored ex-Guards 
and bank^ entrepremir, "a 
regular oil chappie," but one 
who has built a £30tn inter- 
national company from an initial 
block of North Sea licences. 

Quite apart from the politics, 
the business has riianged 
dramaticaUy since he thrust his 
way into it at the age of 31. 
“In those days, Inv^ors 
assumed tiiat everyone in the 
'business would become a mil- 
lionaire: now they proceed on 
the basis that you will become 
an instant bankrupt" 

The truth, as always, is some- 
where in between. But as far 
as the North Sea goes. Cluff 
says, regretfally that investors 
are losing interest 

Ever since Tony Benn — '* who 
certainly accelerated our move 
elsewhere" — British govern- 

ments have failed to make toe 
most of toe North Sea potential, 
Cluff complains. 

If he were to strike it rich 
there, he says, **1 would name 
toe field Urquhazt after toe 
man who died laughing when he 
heard toe news of toe restora- 
tion of Charles n.” 

Cluff Oil’s future ties in- 
crearin^ abroad, he says. 
Perhaps the most exciting 
projects are In toe South China 
Sea-Ljf tiie licence terms whirii 
he is currently examining offer 
enough enconragement for ex- 
ploratioiL 

The company will remain 
primarily an exploration con- 
cern, Cluff tells me. .Apart from 
interests in developing oil 
technology, there are no plans 
for diversification. 

Nor, haling bought himself 
an island in Poole Harbonr id 
1980, and The Spectator last 
year, has he any 


plans to diversify bis personal 
interests. " Thou^ if The 
Spectator became a tremendous 
^ancial success. I mi^t con- 
sider expanding in that 
direction," he says. 


Accountable 

Jeffery. Bowman’s career has 
turned out to be quite unlike 
anything he originally bad in 
mind. He was interested in 
science, haM decided to be a 
doctor, took a law degree at 
Cmnbz^e, and then joined 
accountants Price Waterhouse 
as an artided derk ’’to broaden 
my badiground and see what 
the business world was Hke.” 

Tbat was in 1938. Now, at tiie 
age of 47, he takes over as PWa 
senior putner, effectively diair- 
man and ^e£ executive of 'toe 
policy committee elected toom 
the firm’s 170 partners. 

'1 just found tbat I enjoyed 
it" he saya in simple explana- 
tion of his decision to stay; and . 
the ensuing dimb to tiie 21st 
floor of toe tower blor^ over 
London Bridge. 

Though he has held a number 
of senior posts in the firm since 
he became a partner in 1966, 
Bowman has st^d in the audit- 
ing and accounting mainstream. 

He led the investigation into 
Pergamon's iffofits during the 
battle for control of toe com- 
pany In 1970 between Leasco 
and Robert Maxwell; on 
occasion, takizig evidence from 
Maxwell with one hand, so to 
speak, while beating him at 
chess wito the other. 

It was Bowman, 'too, who 
helped Belfast shipbuilders 
Hariand and Wolff to grt its first 
£3m of state aid from toe 
Northern Ireland govenunent 
** But tiiatfs a sad sto^." 

IhoDgfa sncii experiences have 
made him a firm opponent of 
.^oradic attempts by the EEC to 
divorce the accountant's role as 
auditor from tiiat of adviser. 

A member of toe Accounting 
fttandards Committee. Bowman 
also stoutly supports the expert- 
Tn^nt in current cost accounting. 


they had voted to move away 
from the flesh-pots of London. 


The opposition that has arisen 
may be partly due to a failure 
of communications ‘within the 
profession, he says. "But the ... 
opponents have no alternative AfriCdll GHVOV 
to suggest We must have some 
system that takes account of 
inflation. The old method just 
did not give a true picture.'*’ 


Back shift 

The miners’ decision eariier 
tfds week to move 'their head- 
qnarters out of London, wdth its 
tendency to prostitute union 
leaders— as one delegate put aC 
— is causing great flurries of 
excitement among local 
authorities in toe coal fields. 

. First prize for advanced 
sodalist pianwiTig goes to Don- 
caster, which sent a team of 
large you^ men in T-shirts to . 
mingle 'with the Monung Star 
sellers at the National Union 
of Minewotkers* armnal coiw 
ference in Inverness, handing 
out leaflets procla^ing Don- 
caster as the natural new home 
for the NUM. 

The present building at 222 
Euston Road is being shaten to 
bits by heavy traffic and is any- 
'way too small for the expand- 
ing services offered by the 
union. 

The Doncs:^r leaflet, pre- 
pared In antidpation of toe 
decirion on Tuesday, congratu- 
lates . toe delegate on* toe 
wisdom of their vote and tells' 
them that toe town hae three 
dnemas, a theatre, lots of pubs 
and dubs, real ale a third 
divirion football team. 

One fOatnie, however, may 
not find favour wito Aithur- 
Scar^iU, toe nnions president 
The leaflet refers wito evident 
pride, to toe famous Doneaister 
race course — ” a group one ' 
course wito few equals any , 
where ’’—which was a favourite 
resort of Lord Gormley, fte 
past president 

Gonnley is Seargill’s least 
favourite union leader and toe ' 
conference passed a motion 
which effectively censored the 
newly-enobleq Joe- soon atter 


There is a strong tip tbat 
Algeria's nest ambassador to 
London will be Redha Malefc. 
The name may not be -fawriiiar 
outside diplomatic drdes— but 
it certainly commands - respect 
and affection in Washington 
'Where he has bemi ambassador 
since 1979 and played a key role 
in toe release of toe -UB. faoe- 
tages toomTdir^ 

Malek*s appointment wonld 
be a dear indicaitzon . timt 
Algeria wiriies to imsto^ its 
relations wito Britain. Aged 52, 
a veteran of 'Qie war'of.isd^ 
pendence against France, he is 
one of his country’s most dis- 
tingnisbed diplom^. 

Malek etoted the Front de 
liiberation Na'Uonale’s daily El 
Moudjqhid when it was printed 
in exile in Tonis betweeir 1957 
and 1961; and he became the 
spokesman, for the Algerian 
FTOvisional Government 

(GPI^)^ during the negotia- 
tions which led to Independence 
20 years ago. 

1970-77, be was 
ambassador to Moscow where 
he and ^ family — his. wife 
is a_cousin of Alg^a’s Foreign 
Ifinister — . with characteristic 
application all learned to speak 

*RnMTan ■ 

Halek always appears to be 
doing more jobs tbaw 
While in Moscow, he also wrote 
the Algerian National Charter 
whidi is widely regarded as one 
of the foundation stones of 
modern Algeria. 



• • • 


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fdrfiirtheroelails,wfe orMephorROrsendthe coupo 


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Buy Midland Bank shares, a 
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Hope Street offices there of 
(hnefcer Bank — Midland's 
North American subsidiary — 
proclaims ” Jesus Saves." 

Observer 



R.J. Hoare Lfiasing Umited, 337 Pboie- Road, 
fioumemouth, Dorset BH12 1AE dr ring (0202)^768868. 

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Company 






=1 






-1 



ECONOMIC VIEWPOINT 





A framework for a stimulus 


By Samuel Brittan 




UWEMPLOYMafTBttndardiwd QgCORWo) . 


there K said to bo an aigU- 

ment in_tte Treasoiy and the UNBgPLflYMENT »aBdrt>edOECDRrt«l UMPMPLnvMci>n-ie.«»AiM;Jd^^^ 

^ ^7.s 

risk with the expanse rate in- S^kttre ■ * ^ ^ «ik tfVWPWH^V^CWVHVP^k 

order to reduce British interest if; \\m M.»J ^ I ?k;ld i Jii 4 l I M H 7-0 

rates and those who believe. \ 

that a .strong pound is an essen- 5 ^ . \ \ - g .5 

hal prop in the battle against \ A. A t - i btr 

inflation. ■ . \ ~ b'O 

Those who want to reduce ^ 4 * _ ' ’V ‘1 

interest rates are tMniring not ' \ ^ jC* Jg.g 

only of the direct stimulus fliat -* ' ' \ -\ 

lower interest rates would pro- . _ X 1 -Is-O 

vide for activities such as Stock- ' ■ " ' \ ^ 

buUding and construction. Some * . \ ^MajbrsiX . ^ ■ 4.5 

among them also think that a „ ^ \ ^OECD countries ^ wra, i 

lower pound would in itself be ” \ A- " o 

directly useful for the boost it • \liW » -m J 

would give to competitiveness. i 

Readers will have no diffi- 3-4 -' mu ^ j ^ I-*'® 

culty in imagining for titem- A ie»^ _ . 

selves the slogans used os either \. 1 Kingdom^ 

side of this argument My own ' 3 ^> .- .,s«,0 ■ tm J ; 

■new IS that it wiB never be * * • ' - » ’ ■ • » j_ » j_ ■ J f - » ■ » ■ ■ ■ • j 1 . -_,."-^'® 

resolved at the level of policy «?g S...». ..« 56 ^ ^ 93 94 83 84 85 86' 87 88 '89 90 91 

instruments, and a shift . is L CARBCTTY USE (%i -faw»ta>i)w>ww8TOW8w»i«iMmatj^^^ CAPACITV USEr..) 

needed to the level of policy ' “ ' , . _ / 

objectives. SobHuiehiton 

Interest rates, exchange rates rad Inters rates is one among several pieces For instance, an 82J per cent degree of capacity utilisation was 

and fiscal policy are all instru- - " evulmice suggesting a shortage of potential capacity. .The two associated in the UK with an unemployment rate of 4 per cent 
mencs for influencing demand. shocks,*' oditf changes in input prices, technical progress, in 1975, hot one of 71 per cent in 1980. 

It is not a bit of good becoming shifts In the compositian of demand have all made a good Thus the main bottleneck in the way of expansion may no 


Majbrsix • j 

OECD c ou nt r ies I 


' UnitiMl 

Kingdom 


86 87 » ’ 

CARACmrUSE w 


^Sow«e OeCO&Miin;OuMnk 


OT"* 89 ' 96"^ 91 
CAPACITV USEr..) 


Bob Husehison 


mencs for influencing demand. 
It is not a bit of good becoming 


bogged down in an argument deal of existi^ plant snd. equipment obsolete. The rise in the 


about means until we have Ihhonr force in many countries has increased the capital shortfall 


made up our minds in which compared witit what is required for f&ll empioymenL 


direction to exercise this influ- chart shows how, both in Britain and in the six ' 'nwi*n 

ence. ^me City and Qonsecya- countries of the OECD eombined (the UiB.., Japan, Germany, 
tive enthusiasts try to say i[a> France, Italy and the UK), a given degree of capacity utilisation 


that we do not need a- demand 
stimulus and (b) that interest 
rates nnist be lowered-^— as if the 


in 1975, hot one of 71 per cent in 1980. 

Thus the main bottleneck in the way of expansion may no 
longer be skilled labour, as la the past, but lack of adequate 
physical capitaL The OECD concludes that an economic recovers* 
which bronght a retnm to past levels of capacity* utilisation would 
nol be soitlcient to absorb the labour market slack. 

The capacity* index is based on a direct calculation by the 
OECD, based on factors sucb as past investment and relative price 


has been ■ mso e iated with sneecsrively higher unemployment rates, changes. It is not derived from business sur\’e>*s. 


second were not above all a arguments designed to re- There are many official hints figures — is already nearly 3m 

means to the first. This is a Similarly nearly every that this year’s inflation rate and still rising at a rate of at 

mirror imaee oF -fhe error of the •*^ouider I have read to the Will be lower than the official least 30.000 a month; and there 

U^ ^ae^W iS? proposal for a Money GDP Ob- forecast of 9 per cent Let us is no comfort to be drawn from 

on the fiscal side , F«t it at 8 per cent tvriiieh vacancies, which are no hi^er 

might be 7i per cent on the than last autumiL 
“GDP deflator”). It also looks in unadjusted headline 

from CBI surveys and other terms'! the “ shock ” figure this 


is tiie^mifn insieht that mea^ for might be 7i per cent on the 

shSwi^erg^S'^m gS'tioiSlic^"^®^' *^ “GDP deflator”). It al» looks 
the scHaned “monetarist- Si?’., Irom_CBI_ surveys and_ other 


cent. If inflation were to fall 
to 5 ur fl per cent uutpm ;:iriiwlli 
would rise towards 4 or 5 per 
cent. This is not something we 
can achieve quarter by quarter, 
or guarantee at all, it is a trend 
towards which we can work." 


me SiMmeQ TnOTlgranST qiu- vnat^aW lu fvMv«tmj3n«9A LtSAiUa, ITJC DUUVIb Ilfi'Uie Uii9 

counter-revolution? Not some ^'^dence as if output wiU grow July, when the school leavers The other side of the coio is 

dubious and ephemeral techni- beftvwn 0 and 1 per cent arrive on the register. couJd tha^ real growth clepend.s on 


uuuiuus cuio eouemeraj lecuiu- — io *70 ami loun •urt>r,M . •* — . « , - _ ^ oinve uu me .icgioici. i.i/uiu ...j.-..-.. _.. 

cal monetary proposition, but* inaead of the 1 to 2 per cent easily be “Unemployment nears wage and price numeration; the 


Udi moDexary piuposiUOii, »Ul mp was risina at a.-DM>aa« T-»toe — f wwuy ue ucai^ 

the much more important warn- is^^ia*^r onginally forecast by the sjm" bringing the Govern- 
ing that it is impossible for ^ Treas^. Putting the ^ sets menfs second posl-Falklands 


mat 11 uupussiuur lui f-n-»i1itfnn<n .iamaM .1 «» -o — » ..-w. lucui 9 au^iauu9 

governments to spend their way jzjf ^ estimates together the most honeymoon well and truly to 


Sto t^St T^^ likely ^owth of Money GDP in Z eir 

employment irre^iective of what *®cal 1982-83 could be some- This is not a time to run any 


Tl^ap^^ to ww ^d^ Central where around S.per cent 

^ Statistical Office has announced • -..-mjC-i- - 


3}m" bringing the Govern- Soverninent’s u n d e r la k i n g 
menfs second post-Falklands would be limited^ to inonej" 
honeymoon well and truly to dows over which it does have 
an end. *“ influence. 

This is not a time to run any Obviously I am suggesting a 
risks on the side of deficient stimulus (for the first time in 


.i- i....* • u iueaw accmufKijr precise 

liPhat is the main. Insight figures are of course shorthand. 


seemingly precise demand growth; and it would be w-ell over a decade i but in rht* 


consistent 


v« aa base. au«AU. *L_ iA \*vubac 9UU1 UJ€Ui\is uuu9i94«aab wvi4i waiii 

which we can retain' from -the 55®*^ What they really mean is that “sound money" and new style 


contert of n rrafflrina/iou in 
cofiinucing and coiirpre/ieiisibil 


Keynesian revolution at '.a cent in ^ instead o£ the originally pro- Keynesianism for the Govern- of the Medium Term 

policy-making level? It is that. Quarter or 1982. We now mere- jected range of 8-12 per cent ment to make its 10 per cent Financial Strategij (MTFSi. 


governments and central bante have a genuine policy 
have a responsibility for stabil- enwee- , v. 


(whidi. not by coincidence, was Money GDP growth projections 


also the objective for the differ- if not into a target (a word 


It would be all too easy lo 
give a stimuhis which was 


ising the growth of monetary in. me apoget a measures of the money which conjures up ridiculously more than offset by pay aud 

« - ... »_ .1- Atv lia «^p Q.1 .... ^ • . i . . . > 


demand---that is total cash grawth o^.Money GDP of 9i to supply) a grow^ rate for pradse expectations) at least price increases — thus worsen- 


spending or Money C3DP. 


^**4 pro^cted for money GI>P of 6 to 10 per cent into- an objective for, say. the ing Instead of Improving real 


Jeremy Bentham once said 1982^ and a rate of only a likely. Even then the average of the next two years, demand and emplo>'ment. A 


toat the opponents of the “Prin- cmifAe of decimal points less -wmrid not hn worth 

dple of Utility" T*^e greatest was projected for 1988-84. difl^nce iwuid not be wrth 

good for the -greatest number") There is clearly a danger that »^tiienng almut, were It not 


In other words it would be £2bn stimulus 


themselves unwittingly money -national income 


that unemployment— even in 


saying: “We will do our best 
to ensure that if inflation does 
drop to 7 or 8 per cent then 


munetar)’ 


demand outside the context uf 
the MTFS may be dangerously 
large, while a £3bn buusi set 


using that veiy principle in ffrow by less ftan projected, terms of seasonally adjusted output will rise by 2 or 3 per convincingly In its context. 


might be well wiihin tlie .%ufcly 
margin. 

This las; figure Includes the 
demand-boosuns effect of any 
interest rate rednetiun; and any 
citation of il wiihinit reference 
to ihe overriding iinpiiriunL-c 
of staying wiihin the MTP'S 
framework wuiilri i»e a eynu-al 
and politically motivaied iniv 
representatioii. 

The poMihlr stimuli fall into 
ibree cla^stes; public c-xiit-iiili- 
tore or public works measures, 
which on some ver)' mcchunisiic 

calculuiions provide tlir lur^esi 
numbers uf jobs; ilie inieresl 
rale-exchange rate uiejisnres 
canvassed m finunciu] riicles. 
.and indireci lax ciiis eiilier uf 
a V.-\T kind or uf Mie eiiiiiluyei*!: 
Naiionai lnsuruni.-e 8iin-liJi-Je 
iNI8). 

Priority should of /uurse be 
given to measure.^ with a lung- 
lerm employ meui-increjsim* 
IKiieniial. Inieresr rjie i-educ- 
Huns on llicir own may well 
.siiiiiulale hibour-suving rather 
than bbutir-iising invesiiiicnt. 
Moreover to the exieni iliat 
inicresi rule rednetums bring 
down The exchange nile. iliey 
will have an unfavourable ini- 
pad on domestic prices and on 
inllaiionjry expedaliiins. ami 
thus friuer away the bousi lu 
mnneiary demand. 

Labum'-using illve^lmenl will 
be enconrageii, as the t)Ui.'D 
puini.o out. by aiiyihing w-liicli 
reduces labour cu.sis eiiher rela- 
tive lu capiial costs or rekiiive 
lu value added. This seems lu 
argue strongly fur ilie V.\T-\IS 
range of measures. lu cuinrasr 
10 e.\chauge depreciation, they 
have Ihe advantage of reducing 
price.s and inflationary expejrT.n- 
lion and iliiis encouraging wsige 
muderulion. 

ll would be possible for a full 
year revenue cost of il3hn eiiher 
to abo]j.sh tile remaining 2i per 
cent NIS completely or to 
reduce V.4T from 13 to 12 per 
cent. The latter would reduce 
Ihe RPI by 1 to 1? per cent 
overnight and bring 6 per cent 
inflation within sight. The 
Chancellor's very .sensible desire 
to abolish the annual wage | 
round and make pay increases | 
depend on individual circiim* j 
stances might then no longer be | 
a pipe-dream. Either measure ' 
should be affordable within the j 
conlexi of a reaffirmed MTFS 
providing (or a lu per cent 
growl-h of Money GDP, so lung 
as interest rate cuts do nut gu 
iiiiicb furPher ihaii liiiiHe already i 
in the pipHtiie. I 


Palestine— an idea 
which will not die 


By Alain Cass 


THE 1SR.\HL1S have destroyed 
iinK-h of Tyre and Sulim and 
arc now at Ihe gales of Bemit 
in «i blil/knri* called “Peace 
fur iialilee" The Pale9imians 
Ivive bfii-n Mii:i.-.hL*d as a li-.-bniiL: 
force ami hracl. Ilie um.li.il- 
len^i'd --iiperpuwcr in iht* aica, 
is puisi'd to imiHisf us uill im 
Ihe .Arab.-'. W'liat do the 
I-r.ie)i> lui]ie 1.1 acliit-vr-'.' 

Tliri-e seem to lie Ihi’ee 
ra.ijiir libji'clr.es. The lirs| i,^ in 
rctfcjic a -iiaiile. umtaiy and 

iic-iiira] LL-b.iiiiiii .ts a biiirel-. 

'i'lie second is lo demoralise Hie 
.\|-.ib e\ti eiiiisis who uppn.se 
Israel's nejii lo exist. 

Thi* I bird i.s to destroy die 
P:i]>.'.<i me l.iber.'iMun nr.;ams- 
aliun':, siaiidiun nn the Wl-.sI 
B.iiik ami encourage die 
ciiieri’eiu-e of an alienuiive 
Fulesiiniaii Iciidei'sliip 'wiih 
Mliich 10 negodale a *'.sun'' 
uiUeiiuiiiy aerecnienl. 1.ct u.s 
exauiine l]K--e updons. 

Tlebiiibliiig L.ebaiiun: ihe idea 
dial dlls elianiiing but wholly 
aniiicial eiiiiiv crcaied m tiOi 
by die French was a haven of 
scL'iariun L-ui.-xi-lenL-e helore die 
Pair-, liniaii.s arrived in die 
early .Seceniu's is a licium in 
jiiyonc wliu knew ii. 


.ira.inj.s.«lmu idTei-s instant 

iiiariyrdi'ai. El'-c-.v.hcre wr.ac 
reniams of du* Pl.ii wsll .-c^.iroup 
luore d'.*'i-j-uii!i'*d, more 
ile.-|ier.i:e ami dicreji.ri* more 

d.>ii-.'i-i'iiii. nIi!i. I'i - p.t'-jsiin- 


i-i'i'U. 'ii!l. I' i - F.jejsiin- 
-.lili !ia-ii. I-..J -.‘•-.ipor. h-.i* 

iiii-iM li-i: ii’.i.iit* ti:c:r 


irrniii-iM ii-i: ti:c:r 

piiiiii. 

ll is !ir.»-!_- -,j ;.r» •rv/rc. 

nui k-... ililli.u!; :,ir ile.' ii:--,de:-- 
air. Ill liie .‘rail -.sa-li'. ei>e;!-.v 
til sitopori p.-.'n- isi-.(o! 

liuWeier imii.-b 'riey ::>.iy 
sCL-rell;. .a U;.- 

'.\iii-.;-. lieiiiv chr-i'c.: P.iie-;i!!i’ 

I- Id ever;. s;.ni .-ei i.e-rsniCTit 
wiiat a l'mi'.-i| lr>'!j!:»i a 

KeiuiMk-ail — .III milis;ii, ::.,a!-.ie 
aiMcle III l.i:di. 


ii.stable 


Exploited 



Til..' .\r 

.10 Wii.-'M •- 

*.*'!rnnle."!!T 


U li.il .III.- 

; iti.i-'!;:. f.-.r 

1» 

-l- lIlH'.J,' 

wr'ii 


P' 

•(Hll.ilnuls, 1,11 nil'.' 

' .i5yM.'*d --a 

lie 

■•aiiM.'i!*' 

u-."T- i!i«- -ii: 

."'.I. ns 

ut 

Ili-irui 

A- r.*;- 

i:i • 

K. 

ink. 'A ii:.l to ' :•! 

- !:f-* of a 

1'. 

ll•^slm:.l 

11 Ml.. 

iie.i:<! With 

Ill 

r* l.-l.ir-l 

li-“ 



TliHie 1 

s .llllll II’.-- i 

. ur. .1 ru'W 

line, ir.iii. 

•and-. :• ; -i.- 


\V. 

l; ||||> 

Ulll' ' U'l!l!l 

'.1 h;i\o 


f.ebanon, for all ils vinues as 
a blend ul easi aiiU wesi. was 
shui diruu'jb wall iiieiiualilies. 
ciH'nipiiim. I'elicmiis leiisiun 
and putilical e.xirciinsm. li was 
(luiiiinaied liy ihe Manmiie 
(.'lirisiians wlui set iliem.-elves 
apari from die .Ar.ih wmhl. ll 
was exploded by die .\rai» 
world U.S u pla.viu'iiiuul lur dieir 
petiy rivalries. The Lel«anc!.e 
army was always and reinaiiis 
vulnerable io sectiirianisin. 

The Palesdiiiuns, unwelcome 
ihough ihey were, were merely 
a caliilyhl fur die 1HT3TB civd 
war. Kemuvmg Hiem will unly 
remove one source of len.siuii. 
nut Ihe ruoi causes which are 
now mure deeply embedded 
ihan ever in ihe Muslem and 
Christian glieitoes. 

Isoluling l-lie exireiuisis: 
whal Ihe Israelm are doing in 
Lehaiiuii can only ereaie iiiure 
exiremibm. The orphans will 
queue up lu join wh.iiever new 


-.cm a f.i!lli:i..r-?V iJ 1;.;;:- alcifss- 
-i.le I'lC PI .11 i:i 1 .cii.fiuci. .\ti 
fVcilii'.tl .lin. J ■ — .< I'.rtlv w.ir 
— .le.im.-ii l-.i-.'i'i lu v.ii.'.'i lr.ia 

and liic \r.ili 'rtovh! s>-! a-sule 
I heir .idmiiicdiy profound 
diffci';‘iii-cs ..ll* III* lonyer be 
eniirelv excluded. 

The f.i«-i i- ilTi! till,* Israelis 
are lint mil to make nc.ioe hut 
lo liuy lime. Tiu'V ..re. under- 
.-ii.iiuiaid.c. preoccupied w;ih 
dii*ii’ uwn securii>; i!ie> .nre n]«o 
convinced Thai rnnMnued 

I'Msieiire and Pale-iip'.in .xcif- 
deierminaiion are :imti:;dl.v in- 
compatible. In ihis lichr dmir 
acdiins in l.ehanun iiavo a cor- 
lain, bruMl louic, 

But eve.niually lime will run 
oui and ilie ihorn of P.\lc5> 
linian seir-deTerniinalion will 
hate 10 bo srasped. Tho 
P.xlestini.ms, like the .lowjt, will 
be back because they have no- 
where else to qo. 'This is because 
Palestine, like Israel before it, 
i.s .111 idea. .-\nJ Mr Bcsiii of .ill 
people, should know ilui )ou 
cannm kill an idea. 


Letters to the Editor 

Potentially misleading historical information 


AnotherviewoFa diemicai company. Sequence 10 


^ 


From Professor Walter Reid j 
Sir, — In making deddons aud 
measuring performance . man- 
agers and investors make nse 
of information which may -be 
expressed in physical* volumes, 
in cash flows or, e^tecially 
where many transactions- are 
aggregated; in" tiie form of 
accrual accounting numbers. 
When prices are stable tiie sig- 
nals given, over time, by the 
different measures are con- 
sistent. Under inflationmy con- 
ditions the volume and cash 
flow measures remain current 
but historical ^t accounts con- 
tain a mixture of current and 
non current data and give sig- 
nals whidi can easily confuse 
users. This problem is widely 
recognised and. following 
lengthy debate, SSAP 16 was 


introduced which requires large 
companies to publi^ at least 
supplementary current cost in- 
formation. Both in this country 
and in the U.S. experience is 
being gained in the preparation 
and use of current cost accounts. 
As knowledge about the prac- 
tical application ' of the new 
accounting rules is gained, the 
problems whidi ace being 
experienced will be resolved 
and revised accounting stan- 
dards. reflecting the needs of 
different kinds of businesses 
can then be developed. 

This is a chaUenguig period 
for all tiiose who are involved — 
accountants, managers and other 
users of account»>-and it is 'both 
surprising and depressing that 
a group of accountants within 
the ' Institute of Chartered 
Accountants should at this stage 


propose a resolution calling for 
the immediate withdrawal of 
SSAP 16. They offer nothing in 
its place. They appear to be 
content with potentially mis- 
leading historical cost informa- 
tion. 

I can only hope that .the 
accounting profession which in 
the past has shown great ability 
In developing and adapting 
accounting systems to cope with 
the increasmg complexity of the 
business entironment will riiow 
its strong disapproval of this 
negative resolution by rejecting 
it by a substantial majority. 
Walter Reid, 

Professor of Accounting 
and Financial Control. 

London Business SebooL 
Sussex Place, 

Regent’s Park, IVWI. 


In answe r J ohn (hiilfoyle. 
president of ITT Europe, quoted 
in your article, the first thing 
the business'eommunity must do 
is to cultivate its own garden. 
Management education about 
how business works is a top 
priority. But courses do not 
provide the answer. The only 
lasting way to get the message 
home is for top management to 
make sure they talk regularly 
to foeir midiUe management ' 
about the business and so on 
down the line. 

Michael Arnott 
Joint managing director, 

Charles Barker Lyons. 

30, Farringdon Street, EC4. 








'• ’ v:^, .-.vJ 




■F v;:- 

^ 




Taxation and 
North Sea gas 

From the Chairman and Chief 
Ereevthv, Shell. VK 

Sir.— In your leading article. 
•' A Tax Regime for North Sea 
Ga.s” iJuly 2). and in your 
Ftory. " Norway likely to react to 
North Sea gas tax irfove ” (July 
7), yon state that Shell and 
Esso have beep given special 
tax concewions' because titey 
threatened to cancel the Moss- 
morran petrochemical project. 
This is not so.. - 

The fact is that. the 1975 Oil 
Taxation Art was fOU^ to be 
inadequate- when dealing .with 
transfers between affiliated 

companies* .of petrochemical 

feedstock, such as ethane, since 
the Act stipulates .mdntuy 
valuation as- the pricing basis 
for such transfers, whereas any 
such deals between indepen- 
dent ccmipanies • would uo- 
rinubtedly be based on, long- 
term price formulae. Had this 
anomaly not been corrected it 
would have been iraposssible 
for integrated oil/chemical 
rnmpanies to develop petro- 
rhcmical schemes based on sudi 
feedstock. 

Tlie change now proposed 
makes it possible for such com- 
panies to use a contract price 
for taxation purposes, ■ prO: 
rided this price is accepted by 
the Inland Revenue as equating 
to one which would be charged 
in a long-term, arm's length 
transaction between an indepen- 
dent buyer and an Independent 
seller. .Anyone who knows bow 
the Rei'eaue ^erates to protect 
the national interest must find 
the idea that such a dause 
gives some kind of special 
concession rather strange. 

Vour leading article also 
refers to the gas-gathering pipe- 
line. for which you appear to 
have a linjcrine sympathy. I 
not ?*harn yonr confidence 
ili-'t ihe si-h^mo w.is Jho right. 


one either for bringing gas 
ashore in the most economical 
way or for providing a firmer 
footing for the UK petro- 
chemical industry. To my mind 
projects such as the FLAGS 
and FRIGG systems now being 
developed by the oil industry 
offer a better means of achiev- 
ing these objectives. 

John Raisman. 

Sbell-Mex House, 

Strand, WC2. 


Trees versos 
.Sbeep 

.From Mr John CampbeU 
Sir,— ‘As a forester with a 
fam^ farming backgrouxid, 1 
look forward to reading John 
Oherrington’s. regular comment 
under “Farraeris . Review. ** 
Sa^y, his latest contribution 
“ Taking Stock in the Hills " 
‘(June 25), tends to emphasise 
' sheep twrsus forestry, when 
those of us who know the Esk 
vaiTpy ‘and the Scottish borders 
and co-operation which now 
exists between farmers and 
foresters, much prefer to think 
of “ sheep and trees. " Both 
forestry and bill farming are 
recognised as requiri^ EEC 
and* Government subsidies with- 
in a cbnslstent policy. To sug- 
gest that forestry investors have 
forced up the price of marginal 
land is merely to admit tiiat 
there are. those vdio feel Qiat 
the growii^ tree is a sound 
investment , 

At present m spite of the 
pro^cts for sheep meat from 
the hlUs — and we al] admire 
the pioneerii^ work of men like 
Capt. Bennett Evans on 
Plynlimon. there is still more 
marginal land available than 
forestry interests could absorb 
for planting. A ftwestex’s view- 
point might rtaim that had it 
not been for forestry in the 
Esk valley, the local school 
would be closed. Indeed, this 
particular geographical are.i 


could well become one of the 
most efficient forests in Europe, 
making a very significant con- 
tribution to reducing tiie huge 
£3, 000m per annum import bill 
for timber and wood products. 
In referring to New Zealand in 
a farming context, it may inter- 
est . readers to know that the 
future development of many 
regions in New Zealand will be 
significantly influenced by the 
increased forest planting wfalch 
has taken place during the last 
two decades. Over 450,000 
hectares have been planted in 
the last 15 years, expanding an 
industry which already enq>lo>’s 
over 40.000 people, and in 19S0 
contributed 9 per cent ($496m) 
of New Zealand’s total export 
earnings. Surely we can work 
togetoer io the hills to ensure 
that we make the best use of 
the land available in the in- 
terests of the nation and maybe 
we have some lessons to learn 
from our New Zealand friends 
who have both sheep and trees. 
John Campbell, 

Group Chief Executive, 
Eammoic Forestry Group. 
Forestry House. Great Hascley. 
Oxford. 


Misconceptions 
over profits 

From Mr. Michael Amott. 

Sir,— 'With reference to your 
article “Profits: the great mis- 
conception,’’ July 5, it is obrious 
.things do not change. 

In 1976 the Charles Barker 
Study for CBL was published 
'and it showed that. the British 
worker estimated company pro- 
fits before tax at 30 per cent. 
It was even more depressing 
in the same study that a sample 
of 231 managers emulated it’ 
at 20 per cent. What chance 
does the sh'opfloor have when 
their managers are clueless? 

Recent experience confirms 
lliat ihi.s figure has not changed 
much cither. . . 


How consumers 
judge products 

From Mr Graham Bannock 

Sir,— Christopher Lorenz’s 

interesting article on product 
design at Russell Hobbs (July 
1) gives the impression that 
market research can inhibit 
marketing iimovation and 
quotes the managing director 
of that company as saying th^t 
“ it can deter one from being 
entrepreneurial . . . and will 
never ^ve one inspiration for 
a new colour, shape or pattern." 

That statement is far from 
the (ruth. It is fair to say that 
consumers judge products in 
terms of their existing experi- 
ences and preferences. They are 
not product designers and in 
general they are not aware of 
the full range of technical 
possibilities open to the manu- 
facturer. Hence it is useless to 
ask consumers, through market 
research, lo design a new or 
modified product for you. 

This is where the entre- 
preneur comes into his own. 
Initiallv he can use market 
research to find out where the 
gaps are in the market and 
what consumer preferences are. 
But the entrepreneur then has 
to design the product in the 
light of market requirements, 
techpological possibilities and 
available" company resources. 
His design can then be tested 
and. if necesaarj*. further 
modified by marker researchers 
using product testing methods 
-which are both quick and 
relatively inpjLpensive. Once 
they have seen a prototype con- 
sumers are exrellent at telling 
you what they do and do not 
like, even if they cannot per- 
form the design job for you. 

Many products have been 
designed in this way, from 
durables like the Range Rover 
to consumables like confec- 
tionery. Market research . is a 
tool lo be used by product 
planners. Good use of research 
siimulates creativity and avoids 
wasteful e.xpenditure on the 
production and distribution of 
unsaleable products. 

Graham Bannock, 

The Economist Intelligence 
Unit. 

Spencer House. 

‘2" .t-TI*:';*'-'.'? PittCi* .SlV't. 








m 


i *'•1 


mM 


. .r 


V.' - . i 

-. A 




vTi- «>-■- 






Hector Gonzales Aguirre, purebasiog mam^er, tiiks about his wit'eLucila jMora, acbeniisc with Henkel jMcxieo. 


At Hentels ‘Kitchen of the Futtue’ 
Lucila does the cooking!’ 


^ust Dp the road from here near theancient 
pyramids of Teotibuacan, in Ecatepec^ 
that’s where my wife works, in rhcHenkel 
Mexico factory - there, wliere they make 
many products that oiir country urgently 
needs. 

Lucila has been -vi'ith Henkel Rfexico since 
1961 and has steadily worked her way .up. 
She now heads tlie research and develop- 
ment labwhich Henkel pcupleoitcn rdec 
to as the 'Kitchen of the Future’. That’s 
becausenewprodocts areconsrantly being 
’cooked up* or det'tlopnJ there. And, nf 
couis^ tested there. Products such an ad- 
hesives. And basic chemical.s' for the phar- 
■maceutiol industry or for leather process- 
ing. And the viLaJly important auxiliary 
products for the petroleum industry 
which our country depends on. 

Iq my mind, Lucila's professional career 
has bWn Hkethedevelopment struggles of 
ourcountry. She Wiisoneofthciirst women 


to Study at tlie Me.xico City Pol vtcchnic. It 
w.isn’tc;«y, and l:im sure et'eryonc expect- 
ed her to hiil. .'^frer.ill, a wonuQ*.s plate v .is 
considered to be in the home .ind ttirh the 
children, hut she proved si itTOiild imkcir. 
Kcv'cmly J.ucila n’en traveled to Ciermany 
to visir Henkel headquarters in Dus-icldi »rl. 
^'’liilcoverthcrcshewasbriclcdon all the 
latfcst developmenrpru|ects th.ifHcnkel 
has'in rhe works. Now when wciittuget her 
in the e\’tnings ynd Lucila r.ilks .ibout the 
tcipanj them:»nvjmpres.sion.ssheg:i[hercd, 
our little duighier is all e.irs. So i.s my 75- 
year-old motlierin-la w josefina. Surely 
slirs Thinking -.ibout the 
hanges she s seen in her 
lifetime, bringing oppor- 
tunities that her daughter 
and graud-daughtcr can 
enjoy.® 


CJuimica Hcnkd S. A. dcC.\'^,. Mexico 
Ciry . is one of mure than inu«.ompaQies 
ot the Henkel Group, situated in mure 
than-iUcoiinrrics. \Vi.irldwidcs.iles 
]‘>S1 *S.S billion DM. em- 
ployees. Hc.klqu.irrer.- DiisselJorf, 
I'edenl Republicof Gcnn.mv. Pro- 
duct range includes launJrv preiduct^ 
household cleaners, cosmecics. -ad- 
hesives. indu.stri.il cie.incr.s, olcoche- 
niicals, .iuxiliar\' products forte.xtUe 
and le.uher indusiries. OvcrB,0iK) 
products for all walks of life. 



Mv wile Lucila. 


Chemistrv wcvrkinc for YOU. . 




22 


^lis^Whities 



This is the devenfli year in 
succession that we have been able 
to announce a further improve- 
mentin Group results. 

This adiievementis the result 
of yesterdays planningfor dian^ng 
markets and a continued invest- 
ment programme in plant; products 
and people - more than 60 per cent 
of our employees nowbenefit directly 
by holding shares in the Group. 

Lastyear, this philosophy 
meantihat 

♦ the benefits of modem plant; 
computerisation and improved 
marketinggained us an increased 
share of the animal feedmarket 

♦ in malting further p^etration of 
overseas markets has led to 
increased exports, offeetting 
reduced demand from UK teewers 
and distillers. 

♦ the concentration of production 
fedlities has enhanced our position 
in the food flavours industry. 


SAJJES 



.-k 1 

«»,•' ■ ! I- 'll .7 




^ O' 

I f' f 

107S 197H 



GROLTPROPITS 

&: - -I 


1978 


■ SnV* r 

1079 1980 



1981 


£m 

10.76 


1982 


EABNINGS PEP. SHASS 


1078 


1070 


1080 



1981 


30.69p 


1982 


DniOENUS 





1978 1979 1980 1981 



1982 


EXISISTS 



197S 


1979 


1080 


1981 


1982 


For toinorrow, this places the 
Group in a strong position to con- 
tinue to seiye British agriculture . 
and the food and drinks industry 
worldwide, producing malt; anim al 
feed, food Savours, hop extracts, 
caramel Sour, pigs, seeds, vegetable 
oil and maize products. 

Copies of the Report & Accounts 
can be obtained from: The Secretary 
Pauls & V\niites pic., 47 Key Street 
Ipsv^dch, Suffolk. 





Conpanies aod Markets 


UK COMPANY NEWS 


J. Waddington deeper in 
the red: payout cut 5.5p 


■A SHASP dowatum in the 
second six months loft J^Hio 
Waddington deeper in rbe red 
•for the fuU year to April 3 

1982. At the pre-tax level the 

group incurred a loss of 
£326,000, compared with 
£319,000 for the previous 53 
weeks. 

There was a swing m Use 
second half from profits last *j“e 
of £705.000 to losses of £652.000. 
Full year turnover declined from 
£48.3m to £44.15ni. ercluoiog 
figures from the Valentines group 
which was-soid in October. 

The dividend is being cut from 
6p to 0.5p net per 25p 
the interim was onutted i-.Sp). 
The directors say the pay“®“t 
of a small dividend is justified oy 
the group's recovery prospecK. 
Stated loss per share was 6.57p 
(3.Mp earnings). 

At ttie trading level the group, 
whose interests -mclude pr^ng 
and packaging, games, paying 
cards, and greetings cards r ^ 
turned profits of £807,000 
(£467.000) again excluding tne 

Valentines side. 

Losses from games dropped 
from £2.3m to £200.000— refiect- 
ing cessation of losses from 
Videomaster and Waddmgtwis 
U S subsidiary, which amounted 
to nearly £2.9m m the previous 
year. 

TTie pre-tax figures were 


struck after taking account of 
redundancy costs of £413.000 
(£207,000) and lower interest 
charges of £720.000 (£1.69m). In- 
cluded in the comparable results 
was a fl.llm profit from Valen- 
tines. 

A split of sales and trading 
profit or losses by activity 
shows: packaging and pricing 

£31 38m i£M.35ml‘ and £827.000 

f£2.79m): and games £12.77m 
(£l3.9toi) and £20,000 loss 
(£2.32ra loss). , 

Tax for the year took £56,000 
(£574,000 credit) and extra- 
ordinary debits accounted for 
£382,000 U255.000 credit)— the 
relocation costs of Suhbuteo 
Pius a £200,000 charge for Ae 
withdrawal of the successful 
game BombsbeU following con* 
traversy when a bomb di^osm 
officer lost his life in Londons 
Oxford Street 

At the attributable lev^ toere 
was a loss of £925,000 (£264,000 
surplus). Ordinary dividends will 
absorb £31.000 (£374,000). 

• comment 

Having finally stemmed losses 
on electronic games and in the 
U.S. Waddington ran into what 
most regarded as the worst 
Christmas for toy trading on 
record. Its impact was eased by 
good performance. by traditional 


games lines and cost cnttini^ 
that did not involve redundan- 
cies. The biggest problems arose 
■in the printing and packaging 
activities which now constitute 
tbe major proportion of the 
business. A downturn in demand 
for packs used for up market 
products and dumping by Con- 
tinental producers led ,to 

severe pressure on margins and 
reduced market share. This 
situation is believed to be tem- 
porary and much of the group's 
capit^ spending of a little 
below last year’s £2|m, will be 
devoted to new machinery for 
this division. Packaging demand 
has picked up recently aod 
there should be gains from the 
division’s manpower and other 
cutbacks. Also a move down 
market should aid games sales. 
But another rough Christmas is 
in view and with borrowings, 
likely to remain unchanged at 
£6.3m, the interest burden will 
again be heavy. So hope of any. 
siginficant improvement overall 
this year is slim. However, a 
new plastic can development, 
among several promising new 
products, could take off dramati- 
cally if some normality returned 
to aluminium prices. Yesterday’s 
disappointing results and the 
nominal dividend sliced -the 
shares by 6p to 96p. 


Ashley’s profits fall £0.2m 


although TIffiRE ' a 

return to profitability In the six 
months to April 30 1982 ^hley 
Industrial Trust reports pre-tax 
profits £201.000 lower at £191,0M 
for the year. The trading period, 
however, ihas been extended to 
cover tbe 17 months ending 

September 30, 1982. 

A second interim of 2p net, 
together vrith the interim 
already paid, makes 3.5p per 25p 
share to date. For the year 
ended April 30, 1981. total pay- 
ments were equivalent to 2.91ip 
after adjusting for the one-for- 
five scrip. 

Turnover for the year 
improved from £3.33m to £3.99m, 
but after-tax profits were down 


from £285,000 to £191.000. Ihere 
was also an extraordinary debit 
of £10.000 (£27,000 credit). 

Stated earnings per share fell 
from an adjusted 9.44p to 6.32p. 

At mid-year, tbe company 
reported a pre-t^ loss of £6L000, 
against a £166,000 profit which 
excluded results of Thames Pl>’- 
wood Manufacturers. 

Ashley, whose uKimale hold- 
ing company is Choularton, is 
engkg^ in the manufacture of 
plywood and plywood products, 
the leasing of freight containers 
and iretailing of lawn mowers. 

I In addition to the 12 months 
results, the company announces 
that it has contracted to buy 
50 99 per cent of Iver Film Ser- 


vices from Amalgamated Film 
Enterprises, a wholly owned sub- 
sidiary of Cbouiarton. llie con- 
sideration is 2m Ashley ordinary 
shares: Tbe middle market 

quotation of these shares on July 
1. 1982 (the date the contract 
was signal was 36p. 

As a result of the purchase, 
Choularton's interest will in- 
crease from .5LS per cent to 70.9 
per cent. . . 

Iver has been engaged in the 
exploitation of film rights 
through the media of video 
cassettes since 1979. ' Pre-tax 
profits for the years to end 
September 1980 and 1981 were 
£40,152 and £154.895 respectively. 
Profits for the current year are 
forecast at £401,000. 


Reshaped Tesco plans 
peak £119m spending 


FOLLOWING a major reshaping 
of Tesco Stores (Holdings) over 
the last five years tbe group Is 
now “ leaner and fitter ” aod In 
a positloQ of strengtli for the 
l9S0s and 1990s. says Hr Leslie 
Porter, the chairman. 

During 1981/82 the group 
spent £93m mainly on new store 
development and refitting of 
existing stores and the capital 
expenditure of £ll9m planned 
for the current year will see 
the peak of the group's spend- 
ing, says the chairman. 

Net borrowings have been cut 
from £63m to £31m at the year 
end which together with lower 
interest rates have brought about 
a reduction from £15.7m to 
£8.Sm in net interest payable. 
This helped to increase pre-tax 
profits from £35.6m to £42.7m 
in the year ended February 27, 


1982. Sales rose ffom £1.92bn to 
£2.1bn. 

Since 1977 the group has con- 
centrated Its resources in a 
£440m expansion programme. 
This has entailed the building 
of some 76 stores, company 
acquisitions and a refit and re- 
furbishment programme. Mr 
Porter says that a change of 
emphasis has resulted in the 
closure of 273 of the smaller 
stores. The overall effect has 
been to increase selling area 
from 5.2m sq ft in 1977 to 7.2m 
sq ft, while reducing the 
number of trading units from 
722 to 544. 

Stocktum continued to im- 
prove during the year. While 
turnover increased by the 
equivalent of 11.7 per cent, 
year-end stock levels were only 
4 per' cent higher at £l$4.8m. 

Meeting, Savoy Hotel, July 30 
at noon. 


Technology Inv. 

An unchanged <livi'dend total 
of 4.3p net, with a maintained 
final of 2.7p, is 'being paid by 
tbe Technology Investment Trust 
for the year to May 31. 

Stated earnings per.35p share 
are down from 4.34p to 3,99p. 
while net asset value is given as 
2L!p (208p). 

Revenue fell from £1.31m to 
£l.'21m. before tax of £41^,001 
(£453,^2). Gross revenue 
totalled (£1.4^). 


EUenroad Mill 

Attiibutable losses of Ellen- 
road Hill, spinner of cotton and 
man-made fibres, decreased from 
£139,068 to £59,056 for tbe yes 
ended Maircfti 31, 19£S, on a re- 
duced turnover of £3.6m. against 
£4.04m. 

Loss per 25p share was down 
from 8.54p to 3.81p. There was 
no tax (same). An extraordinary 
debit last time took £6,580. 

The dividend is again omitted 
—the last payments were in re- 
spect of lihe 1978-79 year. 


DIVIDENDS ANNOUNCED 




Date 

Gorre- 

Total 

Total 


CuTTeot 

of 

spODding 

for 

last 


payment 

pasrmmt 

div. 

year 

year 

Ashley ladaslrial 2nd int 2 

Gets 

— 

—5 

2.92* 

Danae Ini’csl .. 

.2nd lot 2.4 

Aug 27 

2.4 

4 

4 

Hollas 

2 

Oct L 

2* 

3 

3* 

Technology Inv 

2.7 

Aug 26 

2.7 

4.3 

4.3 

J. Waddington 

0.5 

Sept 4 

3.S2 

0.5 

6 


Dividends shown pence per share net except where otherwise stated. 

* Equivalent after allowing for scrip issue, t On capital 
increased by rights and/or acquisition issues. - 1 USM Stock. 
$ S^Sptodateio17. moDths-period. 


Income rise 
for Anglo- 
African 

PRE-TAX INCOME for the 
Anxlo-African Finance- Company 
resi from £87,295 to £173,013 in 
tbe six months to January 19. 
1932. and associated companies 
profits rose from .£406,067 to 
£474.280. • ^ , 

Earnings per share are stated 
higher at 6.62p (5.17p). Tax took 
£36.700 (£17,000). 

No interim dividend is to be 
paid again, hut the. directors 
consider that the company s 
profits for the year will be satis-’ 
factory and expect at least to be 
able to maintain the dividend. 
Lam year a final of 1.125p was 
paid on each 7|p share. 

The directoTs of this holding 
company with security dealing 
interests say that increased 
earnings for tbe six months 
reflect a reduction in share losses 
by its associate Dewhurst De,nt 
and imp roved results from 
overseas associates. 

However, overseas results are 
not expected to be as good in 
the second half, as they have 
been affected by a worsening 
economic cliniate. 

Ozalid Group 

Oialid Group Holdings, a 
wholly owned subsidiary of Oce- 
vaa der Grinten of the Nether- 
lands, reports a pre-tax profit of 
£lJ28m in the half year to May 
31 1982, after losses of £2.39m 
in the comparable period last 
year. No tax is payable. 

Operoiting profit for this .hold- 
ing company with Interests, in 
the reprographic industry was 
£1.4m (loss £2.07m), after de- 
preciation amounting lo 
£557,000 (£979,000). Turnover fell 
from £24.25m to £22.14m. 


.../ 


WHEWAY WATSON 

Interest charges at Wheway 
Watson Holdings were reduced 
to £690,000 for the year to April 
3 1982, against £892,000 pre- 
viously. Because of an agency 
error, the figure In Tuesday's 
report was stated as £69,000. 


has made for grant of penni»aB to deal in the Unlisted Securiiies Mutet on The Stock Ewhange in-the 
It w Miphtute H «hT a ppiii-jiiinn iui« tmi made for tiiese securides to be adwiiiad to Kstingi 



BiO-iSOlf|fr6S (Holdings) PLC 

(laeorporated in England undir Tkt Companies Acts I94S to 198 J) 

OFFER FOR SUBSCRIPTION 

airanged and underwritten by 

TtiE LONDON VEN'FUDE CAPITAL MAPKCT LIMITED 

(licensed Dealers in Securities) 

of 3,169,200 Ordinaiy Shares of lOp each in tiie Company at 33p 
per share payable in ful on application 


Authorised 

£900,000 


SHARE CAPITAL 


Ordinary Shares of 1 Op each 


Issued and now! 
issued, fully : 
£769;346 


ParncnJais of tbe Offer for Subseriptien am available in the £xtel Unlisted Securities Madcet rervice ^ 
copies td'Uie Prospectus pursuant to tbe Offer, incoiponting an applicadon femn, may be obtained durtng 
jKHuia] business hours from— 

Tbe London Ventiue Capital Market Lkniied or . StatbamDoir Stoop 

21 Upper Bre^ Street Cental House. 22 City Rod 

LmidooWIYlPD LondonECLY2A7 

Tet 01-629 4681 orOl-491 1357 Tet 01-628 5070 

• • 8Juty1982 


Ferranti 
forecasts 
another 
good year 

after pushing , up profits by 
31 per cent in. 1981-82 Ferranti 
the electronics group, is fore- 
casting further ' growtix' .in tbe 
curreot year. 

Mr. 6. Z. de Ferranti, the new 

chairman, says in his annual 
statement with the full accounts 
that ” although we do not under- 
estimate the difficulties of com- 
petition whidi we face at home 
and overseas we believe that 
1982-83 \rill be another year of 
good progress." 

In 1981-82 the group reported 
pre-ta.x profits' up from £lS.0Sni 
to £23.8m, after lower net finnace 
charges of £142,000 (£2.07m). 
Turnover was 13 per cent higher 
at £306.9m. 

The chairman says 'a strong 
cash flow in the second half 
result^ in a net cash Inflow 
during the year and cash deposits 
exceeded borrowings at tbe year 
end. Deposits were £19.68ni 
(£11.77ffl) and after borrowings 
there were net deposits of £3.19m 
(£1.04m). This position was 
achieved despite a total of £22m 
capital expenditure during the 
year. 

At the ' year end there was 
further capital expenditure con- 
tracted for m.74nL and - i^.85in 
was authorised.but not contracted. 

The chairman saj's the main 
electronics business achieved 
record levels of output and new 
orders and a trading profit in- 
crease of 25 per cenL The civil 
computer systems business, with 
an order increase of 40 per cent, 
was particularly encouraging. 

Trading conditions in the 
engineering division, however, 
have been extremely difficult, 
and an increased loss, inclusive 
of redundancy costs, has been 
incurred. Economies and a 
hig her level of orders mean that 
thta division can look forward to 
improved results in tito current 
year. 

The chairman says that in the 
UK Ferranti GTE. a joint ven- 
ture company, has been formed 
in partnership with General 
Telephone and Electronics Cor- 
poration of the U.S. to manufac- 
ture and market telephone 
equipment including P.ABXs. The 
•chairman says this company 
made excellent progress in its 
first six months and is well 
placed to take advantage of the 
liberalised market. 

A professional revaluation of 
the group's properties at March 
31 1982 disclos^ a surplus over 
book value of £l8m. 

Meeting, Millbank Tower July 
28 at 12.15 pm. 

See liOX . 


Ye^lings 
total £ 16 . 1 m 

YeaxUog bonds totalUng £16.1m 
at 12| per - cent redeemable on 
July 13, 1983, have been issued 
this week by the following local 
autiukrities. 

Great Griimsby Borough Coun- 
cil. £250,000; Kkig's and 

West Norfolk Borough CtHincil, 
£500.00;''St'Helen's Metropolitan' 
Borough -Cc^cil, £500,060; Tor- 
faen Borough Council, £250,000; 
<3ity of Norwich, £750,000; Soutii 
Buckinghamshire IMsbict Coun- 
cil. £250.000; 6ity of Liverpool, 
£2m; Dundee District Council, 
iS00,000; Glasgow District 

cli, £500,000; Glasgow District 
f^uncil, £lm; Manchester, £lm; 
Beveriy Borough Counmt, 
£500,000; Camden Borough, £lm; 
Redbridge Borough of London, 
Elm; Gongleton Borough Coun- 
cil, '£350,000; Duffiey MetropolLi- 
tan Borough GouncM, £^,000. 

Royri Borouifii of Keorington 
and Chelsea, £500,000; 'Baimsley 
Metropolitan Borough Council, 
£lm; Cynon Vall6y Borough. 
£500,000; Dreater Manchester 
Passenger Transport Exeeuolve, 
£500,060; ’ London Boroi^ of 
Greenwich, £lm;. - Highland 
Regional Countnl, £lm; I^ston 
Borough Council, £500.000; Test 
Valley Bwough CouncM, £500,000. 


■ Financial Times Thursday July S 19S2 ■ 

Hollas finishes 
£0.7m lower 


REDUCED second-hair ^ohts of 
£604,000, against £1.26m, left 
Hollas Group with a . 
surplus down from to 

£1.4lm for tbe 

Turnover fell stishw ««« 
£35.81ni to £35.13in. 

However, the directors of the 
textiles and 

concern are confident that the 
company will improve its profita- 
bility given even moderately 
helpful trading conditions. 

The e.xtra experience and 
skills of the manasement ana 
design teams ha%*e resu ted m 
much healthier order b<»ks than 
at this time last year, rite) add. 

A final' dividend of 2p means 
the total is effectively main- 
tained at .3p.. Earni^s 
share are shown to have fallen 
from an adjusted 95p to 3.4p. 
Net tangible assets per share are 
effeelivelv unchanged at 35p. 

The tax charge rose from 
£332,0<X) to £275.000 and -there is 
a £2W,000 prorision for ACT this 
time. 

CCA pre-tax profits came 
through at £1.25m (£l.S5m). 

• comment 

Five years of steady profit growth 
at Hollas Group has come to an 
end with a one-third decline in 
pre-tax profits. The fall in the 


value of the pound has hurt 'the 
Konwcll garment importing and 
distribution rabsidia^ by 
increasing costs. ^ For^ell 
accounts for the niaiorily of turn- 
over and a propurtiottalcly 
creater share of profits. 
Cu.'Uoniciv iiave been reluctant to 
oas the full rise In costs and 
while ForiwcH*& role, as a 
piiddleninn not carrying large 
amounts of speculative stock, ha.s 

limited the damage. «tra costs 
have liad to be earned. How. 
ever the main problem lies with 
the Thrells housciiold textile 
busincsb. Most of the output 
goes through the depressed moil 
order companies and iranlcally 
margins have been cut by import 
competition. Since the year end. 
Hollas' lias closed its Yorkshire 
pl,*ini and reduced the Thrells 
manufacturing workfofee from 
380 to ISO. The company’s hopes 
for improved performance lie in 
producing better designed and 
more expensive products that 
will be less prone to price com- 
petition, mid secondly waiting 
for the upUim m the shops. 
Capital gearing has fallen from 
36 per cent to ‘12 per cent with a 
£2m plu.s cash inflow from 'last 
war's acquisition b! Town and 
Countv. The shares rose dp to 
close at 39p and yield 11.6 per 
cenL 


Further progress seen 
by BPB Industries 


THE SHORT term outlook for 
BPB Industries, the building 
materials, paper and packaging 
group, is for further progress, 
says Mr F. G. Flood, the chair- 
man, in his annual statement 

However, he cautions that it 
would be unwise to expect rates 
of growth similar to last year, 
which included considerable 
elements of profit associated 
with re-adjustment and re- 
covery from the first impacts of 
the recession felt in 19S0-S1. 

As reported July l, pre-tax 
profits for the year ended March 
31. 1982 climb^ from £42.1m to 
£56.5m. on higher turnover of 
£405.Sm (£361.4m). 

Current aciivily in the 
group's UK business indicates 
some further improvement in 
results in the short term. Paper 
and packaging are likel)' to 


remain difficult areas, but there 
is some expectation, of a modest 
upturn in construction together 
with further penetration of the 
market by the building 
materials side. 

Except m Canada; the group's 
overseas activities have all made 
a good start to the year, but 
little or no improvemriit - in 
trade is expected for 1982-83 In 
most of the foreign countries In 
which BPB operates. . 

The longer term outlook for 
the group as a whole remains 
cxecllenL BPB is .i na strong 
position to. meet any increase 
in tlte market ' for building 
materials with, much improved 
efficiency and the board con- 
tinues to be optimistic about the 
future of the newer ventures. 

Meeting: Ferguson House, 15- 
17 Maryfebone Road, NW, July 
SO at mma 


Youghal Carpets warns 
on first-half trading 


THE FIRST half year at Youghal 
Carpets (Hoidlnss) will not be 
good, warns Mr Michael MeStaj'. 
the chairman, and while every 
effort will be made to improve 
the second half, no guarantee 
can be given on this, he tells 
members in his annual statement 
with accounts. 

The board’s overall view of the 
long tenn prospects of this Cork- 
based carpet . manufacturer is ' 
reasonably good, provided there 
is an early end to recession. Mr 
MeStay says 1982 is not going to 
be aq>' easier than 1980-81 and 
"it would be foolhardy to predict 
a return to profitability this 
year," 

As reported March 27, the 
group made pre-XSTC losses of 
I£377.000 foM9Sl (i£2.54m) with 
the hoped for climb-back to 
profits seriously set back by the 
economic depression in all 
markets. 

The chairman reports that cost 
reductions have been achieved 
and productivity has been im- 
proved, but the company still 
has an excessive amount of over- 
capacity. which is expensive and 
will need adjustment if there is 
not an upturn in the near future. 

The group's accounts show a 
reduction in shareholders' funds 
from £7.52m to £6.98m and on 


net current assets from £l2.11in 
to fS.OSm. Bank advances and 
loans were reduced to £9.79m 
(£12.17m). 

Meeting. Yougluil, County 
Cork, July 29. at noon. 


A. RUSSELL 

A provision of £75.000, com- 
jiared with £6.1,000, was made b>' 
.tiexander Russell for the em- 
ployee share scheme in the year 
to March 31 1982. Because of an 
agency error the figure was 
given as £765,000 in Tuesday’s 
edition. 


THE THING. HAlIi 
USM INDEX 

126.7 (-i-1.7) 

Close of business 7/7/82 
Tel: 01-638 1591 
BASE DATE lO/U/80 100 


LADBROKE INDEX 

Close 550-555 (-hi) 




Industries pic 

Plaster, plasterboard and other building materials 
Paper, paperboard and packaging products 

I> Record profit of £56.5 million - result of sustained demand 
for our major products and successful cost reduction campaign 

I>New venture into glass fibre insulation made excellent progress 

[> Current activity indicates some further improved results in 
the short-term and longer tenn outlook remains excellent 

F. Geoffrey Hood £‘Aa//7wa/7 


Yearto31st March 

1982 

. 1981 


£ million 

£ million - 

Sales ■ 

406 

361 

Profit before tax 

56.5 

42.1 

Attributable profit 
(aftertax) 

31.5 

30.2 ; 

Earnings per share 

. - P. 

37.5 

- ■ P- 

32.4 

Dividends per share 

10.5 

9.0 


Copies of the 
Annual Beport 
arid Accounts 
may be obtaine 
from tbe Secret 
Ferguson Housi 
tS/1 7 Marytebi 
Bead, London 
NWl'SJE. 






I 





Pinandai Times '^ursday. July s 1982 

CiHBpfliiias Mtf MarluU 


UK COMPANY NEWS 


HfCTRAINVESTlIIIBITTRUSTPli: 


BIDS AND DEALS 

Ten^ offer for Crest Inti. 


MINING NEWS 


Vr GHARLB WTCMLOR IN AMSTCRDAM 

Farmer and Mr Ervin Landau 
to join Tenens’ 


East Dagga’s three deals 


group, expeots to announce 
(Mails this week of a share ex- 
change offer for Crest Inter- 
national Seenritles. the l>roperty 
company. 

The two companies yesterday 
announced that discussions were 
taking place. Ihe shares of 
Crest which are quoted on the 
Unlisted Securities Market, were 
suspended at 10.76p valuing the 
company at -£3.8nL .Tenens*- 
shares closed 3p lower at 52p. 

Three Crest directors, Mr Alec 
StensoD, the d)aimaB, -Mr Tom 


board and are expected to take 


"But we are interested not 
least because Crest is involved 
in activities related to our trad- 


&Y GEORGE MILUNG-STANLEY 

THE NW coDtrolling interests 
behind the veteran South African 


and secretaries was terminated. 
The latest deals involve the 


to 3S per cent. A further 15 per 
cent was acquired from Southern 


comUned shareholding of ing activities, in particular tiie 


gold producer East Daggafontein acquisition of all of Egoll Blining Piwpecting in exchange for an 


about 15 per cent. 

Tenens sees , advantages in 


motor Industry.'* 

Tenens is a major recondl- 


acquiring Crest in both the pro- tioner of engines for the motor 
perty and trading fields, said Mr . trade. 


Mines have arranged several and Johannesburg Exploratipn 
deals to Increase Urn company^ and Mining from EgoU Gonsoli- 
sold interests. dated Mines, for a consideration 


Peter Morris, a director of 
Tenens. 

"We have got a lot <rf pro- 
perty which is considerably 
undetHitiUsed at the momeniV' 
be said. -"We have been looki^ 
for tile right sort of expertise 
to make sure that potential is 
used.*' 


Cadbury buying Reckitt’s 
mdustrial supply group 


Cadbury Sdiweppes' has agreed 
to buy Recldtt and Colman's In- 
durtri^uppiy operationa in the Reckitt's cwitraot cleaning In- i2 

UK. Prance and Ireland for tereats are not included i? the 

The busneases invodved trade Timber, expects to pay a net 

mainly in floor maintenance dividend of 3Ap per riiare for 

equipment and products. They ^ 

account for turnover of about would lift the gross divi- 

£lSm and employ 490 people. dend payable to Montsigue L. 

11 ., pntodpel br,,d, co«.,d S T. 

by the deal atw the Shield, business in Canadaf a vinyJxd I 

Visinn. Hilight and Bourne Seal, in CaliPomia and pouto ScS Ttaiber by a 

floor care products, the Ranger ing plant In Ihe U.S. Cadbury ‘*‘SJr‘mw vroim would be 
rotaiVKtidflierinadii^sasw^ said it will integrate the bTcoSbSd 2sSs o? 

as a wide ruge of floor main- activities In its Jeyes hygiene Istei mkS 

teunce equipment siQiplied by operation. . SS 2 JSSLSShi- 


Advance Marine' Company of 
Minneapolis. 

Reck tit's contract cleaning io- 
tereats are oot included in the 
sale, the company sdid. ■ 

This (fispo^ is in line with . 


Tenens doubled pretax profits 
to £308.000 in the half year to 
Sept«nber 1981 on slightly re- 
duced turnover of ^. 2 %n. 

Crest, which came to the TTSM 
in February 1981, reported 
shaii^y higher pre-tax priifits of 
^06,^ in 198T compared with 
£15B94. 


Merged timber 
group to pay 
3.5p dividend 


gold interests. dated Mines, for a ec 

The three deals concluded will 
cost R1.2m (£805,000) in cash, 
wth the balance of the various ^ 


issue of 300,000 new East Dagga 
shares. 

Southern Prospecting have also 


purchase prices being made up ® "Shts permit and 

S U>e issue^DflsSlew shares, 


Of R1.2m in cash and Im new been appointed technical advisers 
shares in East Dagga. to East Dagga. 

The companies cimeerned hold For a further 50,000 new shares 
a surface rights permit and of East Dagga. the company has 


by tile issue of LS^ew shares, acquired, an option over an 

which sharchnidcnt will tihnrtiv beanog slimes dams on the interest in a slunes dam on ilie 
b(?Scrf^Srw ^ I?*™* “°^derfont^n 78 IR and farm Daggafontein 125 IR from 

•■r - j » j- ji 1 . Daggafontein 125 IR- These dams Transvaal Gold Recovery, which 

aft Adolf I^d^ a Sw^h contain an estimated 23m tonnes is owned as to 50 per cent by 
buCTessman based m Smt^e^ of material grading 0.4 grammes Southern Prospecting, 
land, c^ttols at least 34 pct of gold per tonne, an'd 4Sm Given reasonable future 
CMt of Dag^ togeuer with tonnes, grading 0.63 grammes per streng^ in the gobl price, the 
BIS ^ociates. At.tne last mdum ^qq respectively. acquisitions could prove a useful 

mMtug m Apru, the votes of The acquisitions bring East addition to East Dagga's prin- 

j Dagga’s total estimated reserves cipal source of revenue since the 

of w the easting mrectors and of gold-bearing dump material to ces.satioD of underground opera- 


their replacement by nominees 
of the lAindin associates- 


13Pm tonnes. 


tions in 1976, which have been 


addition. 


The second deal brought East royalty and tribute agreements 


relationship was severed when 
An^o American Corporation’s 
appointment as technical advisers 


50-year-old Dagga's stake in Bonanza Gold 


other mines, at present 


Mines, which was set up in 1977 Grootvlei and Mariei'ale. 
to conduct a small-scale mining The shares closed at 41p In 
operation on the company’s land, London yesterday’, 2p lower. 


U.S. subsidiary for Wultex Machine 


account for tnmover of about 
£lSm and employ 490 people. 


nds would lift the gross divi- 
dend payable to Montague L. 
Meyer shareholders by W per 
cent end tfae . distribution, to 


rotary scniidier madiines as wen 
as a wide renge of floor main- 
tenence equifunient supplied by 


quarter. 

Tbe new group would be 
backed by combined assets of 
£167.Sm, of which £60m takes 
the form of non-dXstribnitable re- 
serves. or l?4p per share. 


Lookers advises Braid 
acceptors to sell 


Lookers, the Manchester 
vehicle dlstrihutor,- ■ yesterday 
took the unusual step of advising 
shareholders who . have accepted 
its fSfiSra bid for* Braid Group 
to sell their shares on the open 
market. 

This may be the only way For 
these shareholdm' to take 
advantage of Looker^ revised 
58p offer since asst^afes of 
Braid's board may be able to 
block the offer. It said in a letter. 

Lookers urged the owners of 
453.462 shares— 7.6 per cent of 
ft^id's equity— who had accepted 
its ^er to withdraw their.accept- 
anees and sell in the open maricet 
before its revised offer.expires on 
July 15. 

Shareholders backing the Bndd 
board control nearly ^ per cent 
of the equity. Lookers said. 
Lookers owns 38 per cent of the 


that the Braid share price would 
then fall dramatically, in view 
not only of Braid's appalling 
record and lack of dividends, but 
also because your board has still 
been unable to forecast profits 
for the full current year or 
worthwhileydividends.'* 

Lookers move was " unusual " 
but did not amount to an 
admission that its bid for Braid 
bad failed, said Mr David 
Anslovf of Lloyds Bank Inter- 
national, advisers to Lookers, 
'"niere is certainly a chance of 
getting more than SO per cent of 
Braid," he added. 


BtiRT BOULTON 

Shareholders of Bnrt Boulton 
■Holdings have approved the 
scheme whereby the company is 
to become a subsidiary of Thomas 


equity, which togeher. with the Boberia (Westminster). 


acceptances, gives It tfae support 
of 35.6T per cost of shares. 

" If the final offer fails, your 
acceptance would . to ^ 
returned and yuu • would not 
receive - your 58p -in cash."- 
Lookers said. 

** Moreover, it is almost certain 


- Subject to Hi]^ Court sanction 
the scheme is expected tn become 
effective on or about July '30. 

At a sepainte meeting holders 
of the 4} per cent debenture stock 
1984-89 of BBH held today 
approved, the redemption of the 
stock. 


Software stake 
for Murray 
Technology 

Sfnrray TeehaolH7 Invest- 
ments has bougM an 18 per cent 
stake in packaged softiran com- 
pany Intelligence fUK) for 
E370JQOO — putting a value of just 
over £2m on Intelligence. 

^nie amount invested r^re- 
sents about 4 per cent of the 
value of the Mturay Technology 
portfolio. The deal was 
arranged by stockbrokers Quitter 
Goodison. - 

Intelligence (UK) was formed 
in August 1980 wift the aim of 
bringing serious business plan- 
ning and control software to , 
microcmnputCT users. 

Mr Ashley Ward. Intelligence 
UK's managing director, says the 
injection of funds together with 
accnmulated reserves, makes it 
one of tiie more financially sound 
companies in the microcomputer 
industry. Ihe new funds will be 
used to devdop further the com- 
pany's product range. 

Murray Technology Invest- 
ments. run from the Glasgow 
offices of investment managers 
Murray Johnstone, is listed on 
the Stock Exchange. Funds 
under management total £9.75m. 


This; UK-REGISTERE3) Hampton conditions suggest that one is 
G<dd Mining Areas is to. add to required. 

; its new intensts in the U.S. After several months of 
I coal rninh^ industry throu^ the attractive market for its pro- 
j formation . of a Pittsburgh-based dnets, especially for devices for 
subsi^ary of its measuring and analysing coal, 

madanay manufacturer Wultex 
Hadtlne Company. 

month, Hampton Areas 

joined a consortium to produce RAAIFD 

coal m Fennsylvaola from one 

’ of the bigg^ ■niB Wlowirg eompenlw havo notiR 

tence, owned by Nesqu enoning dnas or board meetings to tha sto 
Coal CorpOiatlOtt. exchange. Such meetings are usua 

Wnitez, whirii is wholly-owned for the purpose oi consideiii 

supplier of aXIDWred face con- are imenme or nnals and the su 
veyors, one of the three divisions shown below are bss 
essentia! items of equipment for memiy on idst year's timetable., 
the longwall s yst e m of coal today 

1 . -j- Interi m s^ I mperial Group. 

Initially, the U.S. subsidiary Finals^— Astre Industiiel. John Boc 

will supply equipment for (Bolton). British Budding and Enginef 
investigation, Wultex has con- 
cluded that the U.& offers an 
measuring the important ash con- “ 
tent of coal, and it expects to 
introdnee more of the company's 

products in dne course. I LONDON TR 

A manufacturing facility may 
eventually be set up if market , ™ 


Pittsburgh was chosen as the 
site for the new subsidiary’s head 
office because of its proximity to 
the big Pennsylvania coal mining 
industry, which produces 80m 
tons of coal a year. 


BOARD MEETINGS 


The fellawing cempsnlas have notlHed 
dates of board meetings to tha Stock . 
fxchenge. Such meetinga are usually 
held for the purpose el considering 
dnridende. Official Indications sre not 
available as to whether the dividends 
are imenme or finals and tha sub- 
divisions shown below are based 
meinly on Idst year's timetable.. 

TODAY 

Intert wi st I mperial Greup. 

Finals^— Astra Industiiel. John Booth 
(Belton). British Building and Engineer- 


ing Appliances, Courts Fumiahers, 
Ocean Wilsons. 

FUTURE DATES 
interims:— 

investors Capital Trust July 13 

Sputhvaal July 22 

Hnale:— 

Benn Brothers Aug 11 

Illingworth Morris July 22 

Oil & Associated Invest. Trust July 15 

Tit Trustees ^rporation July 15 

United Bmish Sacutities Trust July 13 

VInten July 19 

Wbatem Beard Mills July 12 


LONDON TRADED OPTIONS 

July? TetaJ Centraots 8666 Calls 8161 puts 475 
I I July 1 Oct. I Jan. 


SPAIN 

Priea 

July 7 % + Of 

Banco Mbio 32S —7 

Banco CenmJ 251 —6 

Banco Extener 231 -6 

Banco Hispane 300 ->8 

Banco Ind. Cat lOS 

Banco Santander 2Sa -9 

Banco Uiquijp 163 —6 

Banco Viztaya 333 -S 

Banco ZeragosB 235 

Orsgadoa 85 -4 

Espanofa Zinc 67 

Pew sa HI.7 

Gat. Prooisdos 26 

Hidivia 55 - 0.2 

Iberduera 43.2 ' 

Patroleea 71 

Petrcliber 91 

Sogeflsa 6 

Teletanies 63.7 —1.3 

Union Elect. 53 5 -aS 


GRANADA GROUP 

Results for 28 weeks ended 10 April 1982 (unaudited) 


TaxnoTiBr 

l^ndfaigsinplosMoredkais^: (note 2) 
Dqsrecutioii— Rental Assets (note 3) 

— Other Assets 
Literest payable 


profit before Em|doyee Share Scheme^ 
Taxation and NBnorlQf Interests 
Employee Share Scheme (note 4) 

Profit before taxation (note 2) 

Taxation (note 5) ' 

Profit after Tnaitioii 
Minozity Interests 


1982 

£000 

229,942 

55,860 

23.035 

5,530 

‘3,415 

31.980 


.23^ 

23,880 

■13.686 


10,194 
83 * 
10,111 


53 wedcs ended 
198Z 26Sq)temberl981 
£000 £000 
190,953 385,400 


50,154 

I 18,831 
4,418 
2.473 

25,712 

24^442 

24,442 

13,511 

10,931 

162 

10,769 


104,179 

39,397 

9,626 

S.864 

54,887 


49,292 

1,178 

48,114 

25,753 

22,361 

287 

22,074 




July 1 

Oct. 

Option 

voi. \ 

’iSS-j VOI. 

BP (e) 

260 

15 3 1 

84 — 

BP tcl 

380 

5 86 

14 S 

BP fc> 

300 

8 VS 10 

9 — 

BP (e) 

330 

lie - 

4 2 

BP <pi 

260 

8 -> 

13 1 

BP (PI 

260 

18 S 

24 2 

BP ip) 

300 

36 13 < 

42 10 

BPrp) 

330 

66 — 1 

68 45 

CU 161 

Z40 

3 1 

8 

Cons. Old (el 

330 

37 S 

35 2 

Cons. Gid lei 

360 

8 29 

17 8 

Cons. GM (el 

390 

llg - 

8 ! 1 

Cons. Old le’ 

460 

1 6 

3 ; - 

Cons, aid (pi 

06 O 

20 - 

27 1 a 

Ctida. (e) 

80 

81 a 20 1 

9 1 

GEC (61 

900 

100 I s . 

ISS , 2 1 

GEC (61 

95 0 

90 7 

110 3 

GSG lei 

100 0 

47 22 

75 : 6 

CEO ID) 

85 0 

1 - 

5 1 1 

GEO rp) 

1000 

17 22 

33 j 2 

Gr'6 Met. (e 

> eao 

15 10 

22 i 2 

Gr'd Metro 

240 

2lcl — 

8k' 19 

Or'd Mot (D 

1 220 

4 — 

10 ! - 

Or’d Mot (D 

J 240 

13 3 

19 - 

ICI (el 

300 

18 - 

24 13 

ICI le) 

330 

St-I - 

11 4 

ICI (PI 

300 

7 1 4 

15 8 

ICI >p) 

330 

28 20 

34 6 

ICI (p) 

360 

58 10 

62 - 

Mica 3c So. (e 

1 120 

36 3 


Mka A Sp. to 

1 140 

76 1 

21 — 

Mks * sp. 16 

1 160 

2 1 106 

a — 

Shell (e'l 

. 330 

56 - 

60 8 

Shell 161 

390 

9 ' - 

18 10 

Shell (e) 

! 480 

2ie: - 

10 1 > 



August 

Nevamber 

Baretays le) 

383 

13 3 

25 - 

Barelays (p) 

417- 

42 1 

45 ! — 

Imoarlal (ei 

80 

25 15 

86k( - 

Imperial (el 

90 

15 198 

17 1 - 

Imperial (e> 

100 

71s 140 

Ilk! 100 

Imperial (c) 

‘ 110 

2k 58 

6 ] 36 

Impeiiel id! 

100 

S 11 

4kl — 

Imperial Ipi 

110 

8 — 

lOkl — 

Lasmo (c) 

260 

— »..« 

54 1 18 

Lasme le) 

280 

25 2 

37 1 8 

Lasmo (e) 

330 

4 — 

14 1 - 

Lenrhe (e) 

60 

24 3 

25 1 130 

Lenrhe (ci 

70 

IS 107 

16 ; 66 i 

Lenrhe (e) 

80 

8 189 

9 1 887 1 

Lenrhe (ej 

90 

3k; 184 


Lsnrho ip) 

70 

Ik, - 

3 ! 50 1 

LonrtM (D) 

80 

3k' 20 

6 1 49 

Lenrhe <p) 

90 

9 9 

.1 . 1 

PAO lei 

130 

80 7 

30 1 IS 

P&O le) 

140 

17 8 

80 • 95 

PAO (ei 

160 

8 10 

7 ! - 

Raeal (ci 

420 

40 40 

62 ! 1 

Raeal lel 

460 

15 IS 

30 1 

FITZ fei 

350 

48 1 

55 1 - 

RTZ le) 

390 

8 - 

82 ; - 1 


360 

IS 5 

82 ! - 1 

RTZ(e> 

390 

37 1 

44 ' 11 

Veal Rfk. le) 

40 

Ik _ 

3i«. 1 1 


Hojittg 

offer 


— I66p 
4 !! 


3 133p 
— !S49p 


- - ISSp 


February 

- ~ Besp 

- — lQ4p 

file s ;; 

'i n :: 

Ilk 80 „ 

- — 284p 

45 — „ 

85 8 

87 — |S3p 

18 8 

IL 17 „ 

5 — » 

8 45 „ 

- — 146p’ 

84 - „ 

18 - 

77 - <458p 

46 - „ 

60 - ■364p 

87 4 „ 

30 — „ 

55 — „ 

41* — i 839 


Eanufigs per diaie (note Q 


1 . These resilts are prepared under the historic^ cost convention. 

2. Despite difficult trading conditions exacerbated by a harsh ivinter the trading surplus for the first 28 
vvedcs was 1 1 per cent above die same period last year. Profit before t axati on was 2.3 per cent below 
last year due to hi^er depreciation Charges anci interest payable. These factors may well mean some 
decrease in pre-tax profit for the year as a whole compart with the previous year. 

3. During the period the total amount of expenditure incurred on new rental assets for both the UK and 
Overseas businesses was £60 million (1981— £32 million). 

4 . Tbeamount that may be allocated tbthe Employee Share Scheme wiU be dealtwhh by theBoard 
when the lesuUs for the financial year are known. 

5 . T 3 w taxation charge of £13,686, 000 isafterfullprov-isionfor deferred taxation on UK Rcntaland 
Television profits. 

6. Eainingspershare6.lp(i9Sl—6.7p)is based on earnings of £10, 111,000 (1981— £10,769,000) and 
{Ml 165,574,637 Chdinary and ‘A' (limited \-otiag) Ordinary Shares being the average number in issne 
during the period (198 1— 161 ,749,447). 

7 ABinterimdi\'idendofl.92ppersharewhich,withthereIatedtaxCTcditequalsll%(I98I— 10%). 
’an increase of 10 % and amounting to £3.185.000(1981— £2,892.000) will bepaidonl October 1982 

to shareholders cm the register at dose of business on 19Augustl982. 

8 Ibe abridged iaedme statement for the 52 wedcs ended 26 September 1981 isaneztiactfiromfhe 
’latestpublishcdaccountswhichhavebecndeUv'ercd to the Re^strar of Companies; theieport of the 

auditors on those accounts was unqualified. 

AiexBeinseeii^ C&dnROR 
6 July 1982 


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the unlisted 





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The past year has been one of unprecedented 
activiiy in the unlisted section of Electra’s portfolio, 
which at 31st Alarch 19S2 accounted for 56% of the 
total. A number of important investment 
opportunities have occuned which are. expected to 
show significant growth over the nest five years. 

The year end r^ort shows :-!■ 

•3S* Earnings per share up 12.6% and an increase in 
dkidbids of ii-7%, gives a oimpoimd dividend 
growth rate over five years of 16%. 

^44.84minvest^iniheun]istedsecticaiwitii 
£i7.68m realised showing a profit of £8.6501- 

will pnah^^lgctra to Tnainrain an important presence 
asaninvestormnewpn>jectsbotiiintheU.K.and *; 

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^ ElectratddngamoreTOsitivezolemhidpiD^ 
Tbp iYtaTiagement nf iirilisred gorTtpaniesinwhidlir ■ 

invests. 


5 YEAR GROTPXH RECORD 

Comp ar ed voithBetaal Price Inda^ 
taUng 3 xst 3iareh X 977 as xoo. 








ms* 


M. J. H. Nightingale & Co. Limited 


27/28 Lovat Lane London EC3R 8EB Telephone 01-621 1212 


1S1-E2 
High Lew 


Gross Yield Fully 
Price Change div.(p) % Aetuel taxed 





120 



5.3 

10.9 

13.4 

!?.1 

tw 

Ass. Bn:. Inti. CULS. . 

131 

— 

10.0 

7.6 



75 

62 

Airsp.'iing Group 

71 

— 

6.1 

£.6 

S.1 

13.9 

51 

33 

Annicage & Rhodes 

43 


43 

10.0 

3.6 

8.1 

Z28- 

187 

Bsrticn Hill 

228 

■F 1 

11.4 

b.O 

9.6 

12.1 

110 

100 

CCL lips Canv,' Praf... 

110 


15.7 

14.3 



263 

240 

C.rtiiea Group 

283 . 

— 

29.4 

10.0 

10.7 

12.0- 

1C4 

6S 

Oahorah Servieas 

60 


6C 

10.0 

3.0 

5.6 


S7 

rK.’lk Htiiaall 

132 

1 

6.4 

4JI 

11.9 

24.4 

83 

39 

rretienck PrrkSr 

7fi 


S.4 

9.5 

3.8 

7.2 

3a 

46 

George Siair 

S3 

— 




— 

:ca 

S3 

I.’id. Prscisipn Coalings 

98 


78 

7.4 

7.1 

10.7 

1:0 

ICO 

ISis CcRv. Pref 

t(» 


157 

14.4 

— 

— 


94 

Jackson Group 

1CB 


7.5 

7.1 

3.2 

6.7 

1^7 

1C3 

Jamea BurreuGh 

123 


9.6 

78 

9.0 

10.0 

3:^4 

■>vi 

Robqn Jcmfcms .... 

230 

mm 

31.3 

13.6 

3 2 

8.1 

73 

51 

^Tfurten: ‘fl" . . 

73 

- 1 

3 7 

7.3 

10. T 

T2.2 


134 

T'l'riiy li Carli'.lo 

153 


11.4 

74 

7J) 

11.9 


• ir. 

T //inin-U Orti 

18>; 

- 01 , 

_ 

_ 

12 1 

17.6 


e.s 

T.v-.ocr l^pr. ULS 

73 


13.0 

19.0 



44 

25 

Hclriinq, 

25 


30.0 

130 

4.5 

7.6 

in: 

tS 

Walt— 



54 

76 

55 

98 

?5t 

A* ^ 

" Veaies 

2?4 

— 

14.3 

62 

8.1 

1S.3 


Pkc-s noiv e.AiIn.S ' 


•Stp' I,.- no 48146 


77 78 79 80 81 82 


Electra 

Investment 

Trust 


• ; ■ To : Electra investment Trust 

't. ' PLC, Electra House, Tem^ 

V-' • " . -W'X;'''. Place, ViaoriaEmbankOicait^ 

\: ' . .. T 3 ^?^ 

\ • a Please said me yottripSi 

SUaralnoesateia Trust 
V, . .. ■;} yVilLr-* AtmualReport. 


Address-.- . .. 












24 


Financial linies Thursday July ST19S2 




Cpspaaies and Markets 


COMMODITIES AND AGRICULTURE 


Indonesia 
may miss 
rice target 


JAKARTA — Indonesian 
officials sad foreign experts 
believe the country’s 1982 rice 
crop might be up to Im tonnes 
short of the record 23m tonnes 
predicted at the be ginning of 
the year. 

Ibat government estimate 
was 750j)00 tonnes higher than 
last year's bumper harvest, but 
yesterday A^oilture Slitter 
Sudaisono HadisesHitio was 

reported as saying merely that 
It would be “more than gam 
tonnes.” 

Western agricultural everts 
say the lowered predictions are 
caused by a har^ dry season in 
the country’s main rice pro- 
ducing areas. 

Satellite reports for June 
show that Java. North Sumatra 
and Sulawesi received only 
between 10 per cent and 30 per 
cent of average rainfall for the 
month. Since there are still 
large areas of low-quality irriga- 
th)n in the rice bowl regions, 
this will mean >ields below last 
year’s levels, they say. 

Last year, for the first time 
in Indonesia’s modem history, 
the country achie\'cd self- 
sufficiency with a 22.3m tonnes 
harvest. 

Reuter 


September jute 
pact meeting 
planned 


NEW DELHI— Jute producing 
and consuming countries will 
meet in Geneva towards the end 
of September to finalise an 
International Jute Agreement 
Indian Textile Secretary A. K. 
Dutt said yesterday. 

He said jute exporting coun- 
tries that met in Bangkok in 
May had agreed to form an 
international pact to help 
stabilise prices on the world 
jute market 

Meanwhile. India and Bangla- 
desh, the main jute producing 
countries, had made some 
progress in bilateral talks on 
cooperation in marketing jute 
goods, commerce minister 
Shivraj V. Patil told a parlia- 
mentary committee. 


Cocoa chief proposes 
market support plan 


8 Y JOHN EDWARDS, COMMODmES SITOR 


A DRAMATIC new propostal, 
aimed at restoring buffer stock 
control over the cocoa market, 
is t obe put by the retning 
executive director, Mr Kwesi 
Hackman, to next week's meet- 
ing of the International Cocoa 
Council. 

Under Mr Hackman's plan, 
the $75m loan from the 
Brazilian bank consoitiom 
would not be used to 
cocoa on the market. Instead 
it would be used to buy on a 
deferred-payment basis a 
further 150,000 tonnes before 
the end of 1983-S3 from the 
producer members of the 
Agreement, raising the total 
buffer stock, which already 
holds over 100,000 tonnes, 
above the key figure of 250,000 
when supplementary measures 
to support the market can be 
implemented. 

Under the scheme, the buffer 
stock manager would make an 
initial payment of 25 cents per 
Jb on' delivery of the beans to 
a designated warehouse in the 
country of origin, which would 
be responsible for rotating the 
stock to maintain quality stan- 
dards. On the sale of the 
cocoa (at the higher interven- 
tion level) the buffer stock 
would pay the balance due to 
the producer. 

Mr Hackman, who described 


the proposal as his parting gift 
to ihe Council, said it was vital 
to quash doubts that cocoa 
bought by the buffer stock was 
not effectively withdrawn, 
with operators aware that 
supplementary measures to 
support the market could be 
introduced until buffer stock 
purchases reached 250,000 
tonnes. 

He added that to reinforce 
the operation, the Ivory Coast 
would be asked to hold a 
corresponding quantity of cocoa 
in its warehouses. This cocoa 
would not be part of the buffer 
stock, but Ivory Coast would 
be asked to hold prior consulta- 
tions with ICCO Secretariat 
before disposing of these 
special stocte. Mr Hackman 
said a move of this kind to 
restore market confidence 
might be the -first step in per- 
suading Ivory Coast to join, the 
Agreement — an essential in- 
gredient for the future of the 
pact. 

Mr Hackman claimed that 
the producers had little to lose 
under the plan, and a lot to 
gain. The S7Sm loan from the 
Brazilian banks would at 
current prices allow the buffer 
stock to buy an additional 
•40,000 tonnes, after taking into 
account the cost of delivery. 


storage and rotation. He 
noted that the buffer stock was 
having to pay enormous sums 
simply to route the ' present 
Stock. 

Under his scheme, the pro- 
ducers would be responsible for 
rotating the stocks held back, 
but even where they did not 
have adequate storage Polities, 
this would be possible 1^ the- 
normal replacement of old crop 
with new. 

An important addklnnal 
advantage for produce was 
that th^ would be paid sotne 
cash in advance and. if the 
scheme worked, thear total 
earnings would increase by 
$4T2m in the 1982-83 season 
alone. If existing market con- 
' ditions remained, prices in 
1982-83 are expected to avenge 
around 83 cents, a lb. ..Bnt.H 
the proposed scheme was 
successfully implemented the 
average would rise to 102*ceats. 

Under the deferred-payment 
scheme the purchase of 150,000 
tonnes of cocoa would coat 
883m. the bulk of which 
would come from the Brazillsn 
loan. The remaining $8m duild 
be obtained by rasing the 
buffer stock levy from- 2e to 3c 
a lb, without recourse to addi- 
tional borrowing, although this 
is not an essential plank, in the 
Hackman plan. 


EEC Still 
limiting 
sugar sales 


U.S. COMMODITY TRADING 


Watchdog’s future 


by Terry Povey 


Blow to N.Z. butter exports 


BY LARRY KLINGER IN BRUSSELS 


NEW ZEALAND’S economically 
important but controversial pro- 
gramme of continued butter 
exports to the EEC received a 
setback yesterday when the 
European Commission an- 
nounced proposals far a lower- 
than-expeeted level of imports 
for next year. 

Under pressure from both its 
French and Irish members, the 
Commission rejected sugges- 
tions from its own agriculture 
directorate for 90.000 tonnes 
of New Zealand butter imports 
in 1983, proposing 89,000 tonnes 
instead. 


Mr Edgard Pisani,' one of the 
two French commissioneTS. is 
understood to > have suggested 
80.000 tonnes, mth Mr Richard 
Burke, the Irish commissioner 
believed to have proposed a 
figure as low as 60,000 tonnes. 

While 1,000 tonnes is -not a 
massive cut in itself, the pro- 
posal is worrying for New Zea- 
land, as it sets a lower initial 
threshold for the EEC Council 
of Agriculture Ministers when 
they next, take up the issue, 
probably in September and, it is 
felt, could foreshadow even 
greater opposition when discus- 


sions begin on future arrange- 
ments ahead of the current 
three-ye£S' deal's expiring at the 
end of next year. 

Both New Zealand and 
Britain, criticised the dKision 
yesterday, the British describ- 
ing it as “mean swrited.” 

. Wbale both conntiles wel- 
comed the parallti decision by 
the Ccmumssimi to set the 
l^eferencial import levy paid 
by the -New Zealanders lower 
to compensate for the lost bm- 
nage, Britain feels that tiie. 
proposed tonnage is “ ^ply not 
enough ** 


THE EEC COMMISSION at 
its regular weekly tender 
yesterday maintained its 
policy of controlled releases 
of sngar on to the mazket by 
authorising the sale of 31.000 
tonnes oi whites and 9,000 
tonnes of raws. 

The niaximnai export 
rebate was set at 29.15 ecu’s 
per 100 kQos, the equivalent 
of £160.33 per tonne, for the 
white sngar. The Comnumity 
intervention price for the 
main growing area Is £318 per 
tonne. 

On the London futures 
market prices fell yesterday 
with tlM Oetoher porition 
down almost £3 on the 
prevlons day's close. In the 
morning the London daily 
price was set at £118 per 
tonne, np £2 on the previous 
day primarily on the basis of 
the stronger prices In New 
York oveiTiighL 


S. Africa seeks 
to double 
wool exports 


PRETORIA — Soutii Africa 

atme tO dOUblC WOOl eZpOltS tO 

the Far East wifinn the neirt 
few years. Wool Board Manag- 
ing director Faan van Wyfc 
said here yesterday. 

He said Europe would remain 
Ihe main market for South 
African woU because of a rela- 
tively fast shipping service, but 
within a few -years the Far East 
should be taldng around 8 per 
cent to 7 per cent of . exports 
compared with about 3 per cent 
at present 

Mr Van Wyk said Jsqian will 
be South Africa’s biggest wool 
export market within die region, 
but South Korea, Taiwan and 
Hong Kong will also be taldng 
more. 

Far East interest in South 
African wool has. grown as 
freight rates have become more 
competitive and since the intro 
duetion containerisadoh made 
offloading easier, he said. 

Retzters 


in the balance 


BY NANCY DUNNE IN WASHINCTON 


THE NEW, long-awaited stock 
index futures and a proposed 
fee on fntures trades ha« 
emerged as big stumbling blocks 
in the reauthorisadon bearings 
of the Commodity Futures Trad- 
ing Commission (CFTC). 

In the unlikely evmit that the 
CFTC fails to get a Congres- 
sional goahead by Septmnber 
30, the agency will go out of 
business, and the structure of 
federal futures regulation in the 
UB. will be' shattered. - 

Tbe user fee proposal ^as put 
forth by the Administration 
which wants the Commission's 
ggOm annual costs paid by the 
traders who use The markets it 
regulates. The industry, has 
fiercely resisted the fee, 'and its 
arguments have prevailed thos 
far, because die National 
Futures Association, its infan-t 
self-regulatory org^sation, is 
to be funded by a similar 
diarge. 


Impact 


As it stands now, both Cop- 
gressional .agricultnre commit- 
tees, which supervisp .^the CFTC 
and hear legislation concerning 
it, have rejected the fees and 
instead have approved a two- 
year study of the issue. Bow^ 
ever. Sen William V., Roth of 
Delaware will add a floor 
amendment to restore the fee. 
anti indications are the. vote may 
go either way. . The administra- 
tion has hinte d ^at a veto 
awaits any CFTC* bill without a 
user’s fee in it 

Even more potentially lethal 
to the CFTC's existence is the 
Stock Index Future, which 
insiders expect to' have an 
important impact, on the com- 
modities markets and which 
many critics call “ a giant, 
white-collar numbers game.” 

Many Congressmen have 
become increasingly ' restive 


about the blurred distinctions 
between securities trading and 
the trading of financial futures. 
The fact tiiat first eurodollar 
futures and now stock index 
contracts call for cash delivery, 
has driven the point more 
dramatically home. 

The regu’atery rqcnries 
themselves h^vc run inio 
rt'fficiilty wilh- .inrsrVr;-'*! '“‘d 
definition which is v.-hy Ihe 
chairtnrn of rho CFTt’. and ihe. 
Securities and Exehanco Com- 
mission negotiated a paei. now 
under study by • Congress as 
pari of the reanthoris.'<tiQn 
process. According to the 
agreement reached last Decem- 
ber, the SEC is recognised as 
the sole federal regulator of 
securities trading and options 
•on individual securities while 
the CFTC retains jurisdiction 
over agricultural and- financial 
futures as well as options on 
futures. 

What the two chairmen 
worked out peacefully could 

not get as easily past Congress, 
where comm*ttees which over- 
see the securities markets 
resist any encroachment on 
their turf. Congressmen who 
supervise the (iPTC tend to 
want the same kind of strict 
consumer regulation imposed 
on the commodities markets as 
practised in securities trading. 
They see commodities regu: 
lation as Inefficient and the 
industry' as scandal-ridden. 

In response to these legisla- 
tors. the reauthorising Bill in 
the House was passed through 
the commerce committee which 
overseees the SEC. Its chairs 
man. Mr John Du^eil. a 
Michigan Democrat , is a noted 
opponent of the CFTC, which 
he says, “knows a lot about sow 

bellies I'm not satisfied that 

they know nmeh about the stock 
markeL” 

Mr Dingeil has taken up the 
suggestion put forward by 
CFTC Commdssioner James 


Stone that stock index contracts, 
whidi offer hedging potential 
for stock traders, may lead 
investors away.fwn “solid” 
securities to gamble w the 
commodities -markets- A prcH 
vision funding a study of die 
effect of the futures market on 
capital formation' end the UB. 
economy is now in tbe re- 
autburisalion legislation. 

“At the heart of our concem." 
miitee hearing, '*.«* the. pro- 
mlticc hearing. »s the pro- 

liferation of stock-index con- 
tracts and (^tions and their 
effects on capital formation. It 
Is impossible to ' overstate the 
danger to investor protection 
and market stability that is 
posed by a highly leveraged and 
highly comple.\ instrument such 
■as a future or an option or an 
equity index," 


Super agency 


Ha\*ing passed through all 
hearings in both Houses, tte. 
CFTC legislation is awaiting 
scheduling before it comes up 
for ^’0tes in both Houses. Once 
it passes (and it is expected to), 
a conference coxninitlee.- will 
have to decide whether to 
renew the agency for two years 
as tbe Senate wants, or four 
years the House legislation 
provides. 

Meanwhile. legislators of all 
pers.uasians are coming to 
believe in .the concept, of one' 
super agency, combining, the 
SEC and the CFTC, to 5Upe^ 
rise aU UB. trading. The bet- 
ting is on a fou^yea^ 
roauthorisation bill became the 
presidential elections in 
years wiU allow insufficient time 
to consider a concept so irksome 
to most futures traders. 

“ The CFTC may not be per- 
fect.” says one industry 
lobbyist, “but at least it Is 
bursl” 


LONDON OIL 
SPOT PRICES 


GAS OIL FUTURES 


icnanse 
Ut—t ff or — 


CRUDE OIL-FOB (| p«r barr«n 


As the doller reeched new highs 
■gainn EirropMn ewreneies. prices 
weakened on both the phye^l end 
futurea ffiariMta. The decKrion to 
recominend an unchanged Opae pro- 
duction ceiling was ne^ooicd, raports 
Premier Man, 


BRITISH COMMODITY MARKET 


AMERICAN MARKETS 


BASE METALS 


SILVER 


Arabian Ught 3l.80-83AO;-t-an5 

Iranian Ught SX.Z54li«-»-a.83 

Arabian Hoavy 89.9a-a9.7s|+0.10 

North seaiPerUesi.. 33.40-SS.7B,— 0.18 
AfrieamSenny U'hti34.a0-34.IBi— 0.30 


iYMfSay^^ or 1 Surdnoas 
Montn I I . . 


Done 


PRODUCTS— North West Europe 

GiFiS per tonne) 


PremlumgaBeilne...'342-34S — 0.5 

OmoM :a69-3e0 -8.0 

HeavyfuelelL 1169.171 [-1.0 


I SU.S. I 

Iper tonne' 

JUiy-~ 870.80 3J«S7EJS-7aQ0 

Auguat 876.00 :-aja2ia.7G-7S.B0 

Sept. t 879.80 ~3JN ni.ll»4g.B0 

Oet.. 380.50 -8.008IG.ga-8i.aB 

Nov.. 883.50 1-8.00810.89 

Dee 886.00 i-SM 8B7.S0-nj0 

Jen ! 886.60 >-8J0 - 

Peb.. I 898.60 I- 1.00: — 


BASE-B^AL PRICES edged higher on 
the London Metal Exchange meinly 
raflecong the initial waaknasa ol aier- 
ling against the dallar. COPPER moved 
ahead to com bafore dosing the let* 
kerb at aoz.5 whils LEAD was finally 
1323 end ZINC £412.5. TIN rose to 
dose St £6.800. aidad by U.S. physical 
denund. ALUMINIUM responded u 
oarsiauni Camnnasion House buying 
■nterest and touchad CS75 prior n 
esaino to close et ES64. NICKEL 
ended the day at £2.998. 


Sll-var «ma flxad l6.Q6p en ounce 
lower lor spot delivery - in the 
London bullion market yesterday at 
3Z3.75p. U.S. cant. squIvahHits or the 
fixing lavala ware spot S3.16. down 
32.9c; thraa-month 674.Bc. down 33.7e: 
alx-month 596.8c. down 34w0e; and 
12-fflonth 640.6c. dawn 34.9c. The meut 
opened at 324>3Z7p {SEB-669c) and 
closed at 3aa-323p <54fr650c}. 


RUBBER 


PRICE CHANGES 


The London physical markat opaned 
awier. atKacied Mda mtarsat at die 
lower lavala end dosed hesitant. Lewis 
and Pset recorded an August fob price 
<or No 1 RSS in Kuata Lompur of 
(203.25) cents e kg and SMR 2D 
114.0 (175.0). - • 


In tonnee unlaa othaiwiaa stated. 


March ! 896.00 :-i.oo8».oo 


' Turnevar: 1.186 (1^) lots ol 100 
tonnes. 


GOLD MARKETS 



o.m. 

-♦"or. 

s.m. 

+ or 

COPPER! 

Official 

j — lUnofflelal 

-1 

1 

£ 

1 *i 

£ 

£ 

Cash 

786-7 

'4-U*. 

785 6 

♦1 

8 mtha 804.9-5 tXX 1 

803.94 

♦6.2* 

Sfttlam’t 1 
Gotliedas 1 

787 

;48 ! 

” 


Coab 1 

773-4 

7784 

♦9 

8 mentfiaj 

798X 

♦•A 

7984 

+7 

Battlam't 1 

77* 

♦ 8 




U.S. Prod.' 

— 

' — 1*68-70-7* 



SILVER 

per 

trey ez. 

Bullion 

fixing 

pries 

•♦ or 

UM.E. 

p.m. 

Unoffie’l 

•for 

apefe......-'383.75p 

8 monthaJ333,45p 
6 montha.|S48X0p 
lSmenthsl3MJXlD 

i-tU 

-17.1 

S84.75|>UJB 

334X5p.j-M9 


Ne.l YoetVys; Previous ;BMilnoaB 
R.SJI. ! Close • close . Done 



July 7 1 4 Dr 

1^ r — 

.i 

Blenth 

asp: 

Metals 

Aluminium 

Free 

I8101SI6 ........ 

|B950i980 46 | 

£8iar8lB 

|8BHian 


Gold fell S3l an ounce from 
Tuefidoj-'s close iu the Loudon 
bullion market yesterda)' to finish 
at S306t-307-i. The metal opened 
around its best level of the day 
at S30T-30S and declined 
gradually throughout the day to 
finish close to its lowest level 
with tho fall reflecting a sharp 
rise in U.S. interest rates and tbe 
dollar. 

In Paris the 12 f kilo bar was 
fixed at FFr 68,250 per kilo 
(.S304.5S per ounce) in the after- 
noon compared with FFr 68,250 
(R304.12) in Uie morning and 
FFr 6S.S00 IS310.44) on Tuesday 
afternoon. 

In Frankfurt the 12} kilo bar 


was fixed at DM 24,965 per kilo 
(S30S.75 per ounce) against 
DM 35.120 ($314.98) on Tuesday 
and closed at S306}-S07} from 
33101-311. 

Ifi Znriefa gold finished at 
S307}-30S from 33101-311. 


LONDON FUTURES 


Month 

Yastrrtay'a; +or 
close 1 — 

Buainosa 

Oena 

Auguat 

Sa^mbT 
October ., 
Nevambar 
Doeambar 
January.... 

£ par troy 
ounce 

1B1.79XX*.+UB6:1R.10-QX8 
183XO-S.U ♦D.T** 1*1.46 
184X0.6.IS-HI.6R — 

I86J40.6.U.+0.400 ~ 

188.004X0 ♦6.6*8 — 

189X0 90,4 ♦0.4*6: _ 


AmalgamsMd Meal Trading raperud 
ihat in the morning cash Higher Grade 
traded at £788.0a 90.00. 88.00. 88.00. 

87.00. 86X0; thraa months £786.00. 

97.00. 96.00. 96.50. 97.00. 98.00. 98.5a 

88.00. 801.00. oe.00. 0Z.50. 03.oa 04.0a 

05.00. 04.50. 04.00. 04.50. Kerb: l^hcr 
Grads, three months EB04.00. 03.50. 
03.0a 03.50. ATtam oon; Higher Grade, 
three months £798.0a 800.00. 01.00. 

02.00. 01.50. 02.00. <B.0a 04.00. O5.0a 
01.50. 04.00. 03.50. Kerb: Higher Grade, 
three months £608.50. 02.00. 01.00. 
01.50. 02.00. 02.50 Turnover ^lOO 
tonnes. 


UU^Turrmvor: 112 (188) lois of 
10.000 on. Morning: Cah 325.0; three 
months 334.0. 33.a 33.5. 34.0. 33.5. 
Kerb: Nii. ATtemoon: Thraa menihs 
332.0. 33.0. 33.5. 94.0. Kerb; 'Htrae 
months 394.0. 3S.5. 33.9. 34A 94.96. 

COCOA 


Aug - 4B.S8-48.40 4S.IlUam 'HAD-48.40 
Sort 48A0-sg.ia Be.DoaajQi - 
O^De«> B> JM&10 BE.BD-62.40 .58.5861.60 
Jwitar 64J864.H 56.966.0 66.60-B4.U 
Apt -Jno; 57.406736: 57.;iL57.U 57.90 
Jly-StPt ei3{L8Q.96. 60.4080.76 6030-50.00 
Oet-DbC 6ZJ06930 K3D8S30 5630 
J'n-Mchi 653065.60 5539-66.00 .0538.65.10 
Api-Jnc , 67.0880301 673038.00 j — 

Safes: 188 (2B3) ,1M» of 16 tennoa. 
18 (nil) lets c< 5 wnnas. 

Physical desing pneos (buyers) 
were: Spot 48.50p (tema); Aug 51.50p 
(aama):' Sept S1.S0p (asms). 


0ml) || ’£75Ss6 

3 nrtha?!!!!!" *805.78 -t.6.»,C757.76 


Cosh Cathod>,*7?6 

5 Orths -.*793 

Oold treyez 6307 

LaadCaah.....-,*31S.9 

3 mtha £384.5 

MlcKaI-.._.-...,*4080, 


.4-9 £788.5 

>47 £748.25 

-53 i6Stt.67k. 
■f 1.5 ,£886.6 
+ l.tt£297J15 
I £3988 


NEW YORK. July 7 

HEATING OIL waa quiet trading 
liartDWly ahsr a aharply lower opening. 
Copper was lower on erWirege eelllng. 
Sugar neded moderately lower on e 
weaker cash market. Cotton came 
under heavy preeeuia tojllowing. prefit- 
nktng 'which aoucbad off -caRimiesion 
-.houea -liquidation. ‘ Cdfiee - was ailp- 
poitad by 16#-^ inde but atill finiabatt 
lower. Precloua mania rallied late in 
the day gn teohnicil buying, npertad 
Heinold. 

Ceppar-^uly 67.86 (58.55). Aug. 
6836 (59.30). Sept. 68.00-59.10. Dee.- 
61.30-8135. Jan. 62.15, Mar. B3.ea May 
65ja July 66.85. Sept. 88.06. Dec. 
70.60. Jan. -71.35. Mar. 7255, May 
74.30. 


»6old— July 311.3 (308.1). Aug 

313.3-313.8 (311.5). Sept 317.3. Oct 


^ee mKt......... 888(868e 


Puturas were initially siacdy on 
commission house support ' but 
hedging et West Atrican new crop 
salsa perad the gains, reports Gill 
and DuSua. 


SOYABEAN MEAL 


PIctIn'mtr ox'y *860 '...i...- *860 

FreemKt...-.£158.48 -8 £167.45 

QuicKanvert ...«»/»« 

’8llvortroyes._88^75p -16.06 3S3.BOp 

3 mtha. S33.45p -I635 844vl0p 

73n (^h.-..— j£86B0 .4^ 65 |C6660 

Smthc..-. £6507.5 467££B567.6 

Tungetenn3lb|S10B.48 i-. [5111.BS 


Tha market opaned about unchanged 
in quiet trading, rapera T. G. Rod- 
dick. and anyad m narrow trading 
ranges. 


, a.m. -r-or p.m. Kor 
TIN ' Official - Unoffletoli -t 


Tumoven 323 (486) lota ol 100 troy 
ounces. 


Nigh Grade £ £ . £ 

Cesh.. .... 6655 60 667086 

Smenuis 6800-10 *77.5 6885-88 
Settlem't 6660 +30 — 

Standard 

Cosh 6655-60 *40 6675-85 

3 months 6780-90 +S7.0 6609-10 
Settlem't 6660 *i0 — 

Straits E.:S29.15 - — 

NewYork 


1+60 

i-hOB 


COCOA 

lYeabeirtay's. 

1 Cleao or 

1 

■urtnaca 


iB per tonnot 


Julv 

.J 9044)5 

+7.9 

9t8X3 



.1 968X4 

+7.9 


Marmi 

.f 1016-17 

+3X 

1089-16 

May 

July 

,: 10Sa36 
.! 1099-57 

+8X 1086-58 
+SX 1IO8IXO 

S«dL 

.1 1076-78 


Sales; 1.796 (829) low el 10 tonnes. 
ICCO— Oaily price for July 7: 74.10 
(74.13). Indicator priea for July 8: 
73.82 (73.86). 



Yastardya'-^ on BualRaas ' 
CI0BB 1 — j Dona 


i £ ; • 

^ tonne' J 


I26.696SX -9X* 16SX9I5.B0 


1 187.40-Z7X ^.16 187.60-27X0 

Dae. 

1 1R.HX8.6 +0.6& 1K.60 

Fob 

1 IKXO-B6X+O.TO — 

April 

1 • 1 

Salas; 64 

(50) lots of 100 tonnes. 


Wolfrmn.4NbajSiiO/iio L I8I10 118 

ZlneCoeh... £409.5 +1 U3873 

3 mtha .M18.5 1-^.5 ^87.6 

Protfueera....WOO IWtNO- 


^15 8919. 


I... i88BO 

i 18518.5 


;4 00 


COFFEE 


July 7 


July 6 


Gold Bullion (fine ounce! 


Close 8306-12307 iB 

Opening 8307-30B 

Nlornlng tlxlng....:8307,40 
Afternoon fixing. S306.75 


l£16tia-182) 
<£18112 182) 
<i:i79.BS6l 
(£179.4811 


'8310.311 

8318-313 

18313.10 

16311.00 


(£180-18012) 
(£180 Is- 181) 
(£181.3451 
(£180.890) 


Tin— Morning: Standard, cash CB.880. 
thraa mgnihs £6.780. 70, m. Itarb: 
Standard, three montha £8.780. 90. 
Allcrneon: Standard, three months 

e6.79a 6.80a 10. 01. 10. High Grade, 
three montha EBdOa 10. Kerb: Sun- 
dard. three menUii £8.800. 10. Turnover 
3.C60 Mnnaa. 


Limit losses in New York promptad 
an eaaiar opening, laporta DraxW 
Burnham Lambert. Commiaaien fteuaa 
aelling tasted recant Iowa before 
dealer support ancouragad a rally In 
thin volume. Values chareafttr 
ramalnod fixed ' in a narrow renge. 


SOYABEAN OIL>-ThB market opaned 
down on trade se'liiig and drifted 
(ower. ClosHig pneea and business 
dene (U.S. I per tonne); Aug 48I.C0. 
483 J)0, 481 .53-481 .CO; Oct 481.-00. 

482.00. . 480.50-4SO.CO: Dae 482.9D, 

434.03, 482.50: Fab 430.00. 491.00, 

432.50: Apr4 485.50. 593.09, uMraded; 
June 500.00. 510.00. uncradad; Aug 

504.00, 516.00. untradsd. Salts: ICS 
(12) Ids of 35 tannaa. 


one I 

Coconut (PhIO :8476v 
Groundnut....... : 

Lineeed CnidoiBSSSv- 
Polm Malayan l8^.9w 
SecdF 

Copra Ph lip ...'6330 
Soyabean (II.S Ji8890,9 . 

Grains ■ 1 ! . > 

BerteyFut 8ep^04S5 •+.«.85.fil04J0 

Maize :..£156wOO ?-0.5 )£156.75 

Wheat Fut.Sep^ll0.a6 i+l£D£108J5 

No-SKordWIritr t. I t 


-1 


t 

18869 


Other ' 

cemmoditlssi 
Cocoa ahip’r ;£9TSr 
Futuiw Sopr£948.5 
cerree Ft’Sept,£lll0.B 
Cotton AJndexi78.8Se 
Gas Oil Aug......(f 879;5 

Rubber iKjlc:...l48.6p 
8u9or (Raw)....l£llBv 


[•+•8 

Ub 


)£9D« 
:fiB0t.S 
IBIMO.5 
75.360 
8998 
-.i49p 
+8 |£99 


i-l u 

C„....|i 


WoolfpsOSs kl.|3BBp4dlei..:.._.|3a7pWle 


COFFEE i 

I _ ) Done 


Geld Colne July 6 
i£185is-166) iKing Sev 
i£9SiB-96i4i iVleterle Sev 
i£483t.49l() 'French 80s 

i£20.aoi;!l ISOpseaMex. SS77.3.370A ■£390-:22211 
Mapleleaf 831712 318>4 l£X85ir-186t4) ilOOCor.Aust 8380is-30i‘(£176.177) 
New S0V 873>2-TSl2 a'48-451 .S20 Eagles S376-8BO i£ai71-8a9H 


a.m. ;+ or. ,nii<. -r or 
LEAP . Offlefal ; — 'Unofnciai- — t 


July. 


'1884.87 i-llJ 


Knigrnd 
Knig 
Is Krus 
1 10 Krug 


S317I1-318 
S163Is-164>2 
88312-8414 
834-35 


S6He-83<a (£47ta-48) 
Caits-B3l« (£4719.48) 
36713-78' f£39i?4Sla) 


FINANCIAL TIMES 

PUBLISHED IN LONDON A FRANKFURT 


Head Offlesi Tin FlaneW Thm UedM. Bnekaa HsMt, 10 Caanaa Stant, Laadae EC4P 4BT. 
Tdne 39S487L TdcR (AdvwUibicIBIStOB. Tthtraait: Ftnaadna, Laadaa. Tafrahaac; 0LM8 gOM. 
Frirnkfart 9fllee: Tha Flw ntb l TInet (Earsptl Ud., Bala W a Urti. 54, MOOD FMakfertaai BMIb 1, 
Wart cumm- Tcifxs 41*193. TrtipbaM 7591-0. BiKartal: ftaal^ ai i TIfU. TMiu 41M51 
Trttpbam: 7599 137, 


INTERNATIONAL & BRITISH EDITORIAL & ADVERTISEMENT OFnCES 

HadiW: bpTMKrta 3% Madrid 3. Tab 441 *772. 


AbmMiMk P 4L Bax 12W, Awiludao-C.Trtix; 
155Z7. Tah 276 79*. 


Bbalagtam: fi«wW aed AdawMdbi Cisiga 


915 IPg. Trtax: 39M50. Trt: 


(01-4341 

laam Piiiihiui UAIM H— iBaa 84(L TriK 
8N95«2. Teh 21D0». 

tnwichi 99 Ibw Pecalt. Tdexi 23m Fm: 512 
1404. Trt: 5X2 9037. 

tanti Aim: Edillcto Sfica Flu 7. Na. 74 
AvaaMi Corriantn 46*. Csdfga 13*6. Tal; 
3947696. 

Cab*; P.0. 8ax 8M0. Tab 751482. 

IMfiae K Sndi rndarick SL Mta Z Titae 
256X4. Trt: Dirtia 6IB378. 

Maiwgk DMarW aad Adnrttbff 37 Ctsioa 
Sbaat, EH2 2HR, Trtam 78484. BNarW Trt: 
03M26 4180. AdaarCUbg 031-226 4239. 
pRrtrtBrt: EidbP faf — 7X-8L Tate 
416052. TM; 7598 157. lAirWiftw WaBillifi . 
54. Irtas 416193. Tab 7S984. 

H sof Rscst laafli 30% Mrtf Cbeea BMUte S 
ftaaeai bad Ceabrt. Mu: 7SD4 fOL 1b 
5JQ6166. 

lihiBBiihufg. PJt. Bax 2128. TateBMST.Tib 
IS8-7545. 

UadS! AdKrtUw PaneaaeMt Nani. The 
KateM. Trt: 0532 4549*9. 


Wmcl ia at er i £MarW aW AdnrtUsi Ihcn^ 
Hic. laaae SL. M2 5HT. Trtai: 6*013. Trt: 
0*1-834 9381. 


aitxles CHRtaaa da b Rafanea 122-ao, Maries 
*BF. TM: » 1360. 

MaKBiR KdtBsvrtgr 14, AaartBMPt 1, Hausw. 
Tkte- 4U3N FIhot, tSm 1635. 


Naw Yariu IM Ha i M f and Adaerfirtat 73 
N.Y. UOU. fiAMrt Trtn 


Reeliefalar Plaa. 

66990. Trt: (212} S41 4625. Mwtfate Trtae 
238409. Tab (212) 489 OOfi 


Li Lsnra, 168 Rn da MaaR. 75044, Ml Cadax 
OL TritB 28D(M4. TUi 297 2000. 

Ml da JacahK Ma Bma 4 Saks a^H-ad-ig, 

fiOMri T—rti BraHadal, 
7. Trtte 17660. TM: SO 60 88. 
TajoK nteirt 8tb Haw, NfeM 1^^ 
Tl b: l i i 3a8rtBi.L»5 (W aa rtcW .C Wi id a lw. 

aas OBSL Tab 841 2«0. iWNrtUv 
Ihartan Baaflea, L 6-10 Udrta ' 
ariyodeta. Trtn: 127106. Tab 295 405a 

'EMatU 914 RaHairtl Pmi 


Uten:PrBB^MgriBS8-18.UAaB2.TrfB: MA^IWi^SX.2004S.TUax: 440940. 


12SS8.Trt:362 

For ShvE Index and Business News Summary, Telephone 246 0026 
(number, preceded by the appropriate area coda valid for London, 
Binningham, Uverpool and Manchester). 

AO aOverdilno b soNeet to the pubUier^ ewitifi tenm aod tairtMaoi, eapia ef wbMi an ivrtlibb ea 

reqiwsL 


£ 1 £ ' £ I £ 

Cosh 312.5-3 1-8A I 313A VlA 

S montha 383-.S - S I 384-6 -f 1,86 

Sattlam'i, 313 . -L5 ‘ — ■ 

UA_spor.._- •. 

Load->Moming: Cash £313.00. 12.5CL 
three mentlis C3Z3.00. 22.CXL 22.(XI. 
22.Sa 23.0a 24.00. 25.00, 24.00. 24.50. 
24.00. 23.50. 23.CO. Kerb; Thraa months 
£323.50. Afteinoen; Three months 
£323.09. 24.00. 24.50. Kerb: Three 

months C323.00. 22.50. 22.00. 23.00. 
Turnover 13.450 tonnes. 


Sept. [ 1110-11 U1.O 

Nov. j 1088-30 1-8.5 

JsnuoLy.... 99800 .'—8.0 

Idarch 1 976-80 I -a 1.0 

IMay.-ZlJ 94»80 -t.1.0 
July..... I 930-37 I— A.6 


SUGAR 


Dene 


1SW«I 

1113^ 

ios3-mi 

lOOS-95 

977-79 

94543 

938-30 


Sales: 2.S73 (2.S33) lota of 5 tennoa^ 
ICO Indioetar pricae lor July 9: 
U.S. eenia par pound; Comp daily 
1879 118.28 (118.74): 15-day avaraga 
120.19 (120.38). 


LONDON DAILY PRICE...R8W auger 
C11B.C0 (£119 GO) a tonne cri JiHy-Aug 
ahipmant. Wbrit augar daily pnea 
C1S9.00 (£196.00). 

Tha waaknaae of atarling Initially 
ancouragad Ingbor bnfs. Heavy aohirig 
appaared at tha highe-expoeing a laek 
el buying InseraaT on tfta drop. Keen 
aalhng from one Trade house developed 
but Improving New York Q.ricaa enablad 
half tho loseaa to ba racevarod. reports 
C. Cnrrtikew. 


* Unquoted, x Aug-Sept.' u-Juna-July. 
v July-Aug. wAug. tP*r 78 lb flask. 
* Ghana cocoa, n Nomiaal.' . - 


320.8-321.0. Dec 338.0-328.5. Feb 335.6. 
Apni 943.3. June 351.1. Aug 3S9.(L 
Oct 357.0, Dec 375.1t. Feb 383.2, Aprif 
390.8. 

■ •flelbium— July VSLO (257.9). Oct 
869.0-270.0 (2859). Jan 27S.a April 
256.0. July 294J. Sales; 1.846. 

Pentose (reisid whftBe)~^ov. 68.2 
(88.9). Fob. 70.7-72.0 (73.0), Mv. 76J)- 
76.5. April 88:5-87J7. Salsa: 76. 

TSilver — July 683.6-S70.0 (663X6). 
Aug. 5755 (567X). Sept. 673.0-688.0, 
Dec. 596.0-B10X, Jan. 813.5. Mar. 617.0- 
625X. May B34X-83e.7. July 669.7, 
SepL 975.1. Dec. 6SB.3, Jen. 706;D. 
Mar. 7214. May 740.0. Handy and 
Harman builien apot:.557.0D (576X0). 

Sugar— No. 11: Sept. 8.14-8.16 (8.45), 
Oct. 8.31-8.35 (8X9), Jen. 8.7D4.90, 
Mar. 947-6.50. May 9.74-8.78. July 
9.95-9.99. StpL 10J0, Oct. 10.24-10X9. 
Sales: 6,554. 

Tm— S30.Q0-S32.0O (831.00-536.00). • 
CHICAGO. July 7. 

Lard— Chicago leesa 21.00 (same). 
Uvm Ceno-nAug. 62.25-62X0 (63.27). 
Oct. 58.95-59.00 (60.00), Dee. 59X5- 
90.10, Fab. 59.86-59.60. April 58.46- 
59 £5, June 60.85. 

Lhra Hege— July 59X(^5940 (60.12). 
Aug. 57.10-67X5 (57X2), Oct. S3.95- 
33.73. Dae. 54.00-53.80. Fab. 52.65- 
52X0.. April 48.10, June 50.50, July 
60.36. Aug. 49.30. 

t*Meixe— July 262^.262>3 (261), Sept. 
261^-261 (261\), Dee. 261-2«1>,. Mar. 
275. May 282\, July 288. 

Perk Bailies— July 78X5-78.20 (76.50)1 
Aug. 74X0-74.90 (73.57). Frt. 71.35- 
71.55. March- 71.65-71X5, May 69.30^ 
69X0, July 89.97-70.00. Aug. 69X5 
^ejmlmns— July 0O84 (503**). Aug. 
^W08»» (60^. Sept. e06ia.eOI7. No5. 
608-609, Jan. OSS. Mar. 638, May S3 


July 663, Aug 8B7**. 

IlSeyebean Meal^uly 177.3 (17S.5). 
Aug. 176.B-176.7 (178.1). Sept. 171.5- 

176.2. Oct. m.S-175.2. Dec. TW.2- 

180.3. Jan. 182.S, Mar. 18B.I>, May 

190.5. July 195.0.19S.5. 

Sevibaan Oil — July . 18.33-19^ 
.(19X2). Aug. «.42(18_^. Sapt 18.B. 
Oct. 18:65. Deer I9.a0-:9.I12. Jam 19.27. 
Mar. 18.55-19.80. May 19.75-19.80. July 
30.0DXD.(iS. 

tVWheat-^Uly 330-329** (339**). SepL 
343-341S (351**). Dee. 363-363**. Mar. 
376>h-G76**. May 381, July 375. 

WINNIPEG. July 7. 

fBariep— July 133.6 (132.8), Oct. 
120.2 .(120.7), Dee. 122.6. Mar 12SX, 
May 127.5 

EWheat— 5CWRS 13.S par cent pro- 
tain content eil St Lawrence 229.0* 
(229.79). 

Ail cems per . pound ex-warabouee 
unlaie- oihciwisa allied. * S per trof 
ounce. 1 Cents per troy ounce. 
it Cenu per 56-lb buahel. t Cento 
par 6(L1b buahal. || S per then ton 
(2.000 lb), f scan. per. metric ion. 
if S par 1,000 aq h. * Cento. per 
dozen, tt S per metric ton. 


Tuesday's closing prices 

Cbeoatt^uly 1448 (1448). Sept 

1438 (1488). Dec 1663, March 1839. 
May 1589, July 1710, Sapt 1746. Salat: 
480. • 

Coffee— "C" Contract: July 135.25- 
135.27 (137X6). Sapt 123.78 (127.78). 
Dec 118.01-118.15. March 114.50.114.75, 
-May 112.50. July I06.l0-110.00. Sapt 

06.50- 110.00. Dec 106.00. Sales: .2,882. 

Cetton—July 68.10-68.60 (68.20). . 

Oct 71.60-71.67 (72.44). Dee 73.80- 
73.71. Mirri: 7f 35-75.50. May 76.50- 
76.7a July 77.55>77XS. Oct 77.40-77Xa 
Obb 75.75-%00. Sales: 4.500. ' 
Heetifig. oil— (cants par U.S. gallan): 
Aug 85.95-89.90 (90.06). Sept 89.50- 
89.80 (90.11). Oct 9ai0-90.25. Nov 
91.%. Dec 92X5.92.4a Jan 83.0a Feb 
S3.20. aaerch 92.50. April 92.8a May 

92.50- 92.50. 

Oranga Juice — July t19.7S-119.90 
(121.40). Sapt 121.80 (123.70). Nov 
123.6a-Jan 124.5a March 12B.00-1 28.25. 
May 127X0-127.75. July 129.0(M2SX5. 
Sept 130.50-130.75; Nov 132.00-132.50. 
.Silos ; 400. 

— -l“ly 260.0 (262.4). Oct 
W.0-26S.0 (271 .5). Jan 278.a April 
288.a;Juiy 287.0. Sales ; 2,270. 

CHICAGO. July 6 

^eago.Jmm Gold— Sapt 314.8X15.5 
^X), Dee 325.3.027.0 (329.8). March 
337.3. June 348.6. Sapt 36ai. 


GRAINS 


Ne.4 Y«eterdoy> Prevtous < Bualnen 
Ocn- cieae I close dene 
tract ' I 


' B.m, -)> or p jn. + or 

ZINC Offlelol — .Uneflidol — t 


£ £ : £ . fi 

Cash 411-8 +2 ' 409-10 +1 

5 months 4145 -X6 418X — .i 

S'ment.... 418 +2 — ; 

Priniw*ta - 35-7X_ ' 

Zinc — Morning: Three menihs 

£411 00. 12.G0. 11.50. 12.00, 13.00. 
1XSO. 14.00. 15.00, 14.50. 15.00. Kerb: 
Th.-ee monclis C 413 .ca 13.50, 13.00. 
Aiterneen: Three months £512.75. 12.50. 

13.00. Kerb: Thraa menchi £412.00, 

11.00. 12.00. 13.00. Tumovar 14.4& 
tonnoB. 


New crop wheat atartad uading at 
SOp up aftsr opaning 16p up.'Centinusd 
exponar buying found seme hadga- 
aehlng. profit-taking and hquidipon of 
Vrhaat/barloy apraads. Commarciat buy. 
mg of bariay also (irmad tha markti. 
Tht last day for July saw' leag- 
liquidation lelfowad by ahort-eavarHig, 
Ach rapoFts. 


WHEAT 


BAfttXY 


YaatanTya +er .Yast'rd’ya +or 
Mnth eleas - — efeaa - — 


JulyJ 18LX0 • — 


Alununm a.m. + or p.m. '+ or 
Official — Unotlieial. — T 


Sept. 

111.85 

♦ 1X9 

104.99 

Nov... 

114,85 

.*1X6 

108,90 

Jan... 

118,66 

'♦IJS 

112,86 

Mar.. 

122.05 

1+l.N 

115X9 

May, 

185.50 

:+1.60 

118.70 


•rO.M 

■rOXe 

•fO.40 


£ por.tenns 

Aug in.ig-TBxe i9i.Doxixg-isua-iaxD 

oet izs.n-2At6 in.Ts.27.og izrxs-nxo 

Jan .»1Xe4IX0.1U.00-94JH 153X052X0 

Marah ’U0.79XSJS;1»XS-SO.B5 inX455X0 
May.....! inx0-uxs'l4 1X441.70,142X0- 58X0 
Aug... 142.0045X0 144X040X5 140X441X0 
OcU....I144Xe-*0.00:U0XD'H,D0, — 

Salas: 3.951 ' (4.518) Iota of ' SO 
tcnnea. 

Tata and Lyle dehvary pnea lor 
pranuiaiad baaia vrim# sugar was 
E4v5.90 .oama)- a tonne lor home 
(rada and QZ4.50 (£223.50) for npert. 

Intarmtional Sugar Agrpomant (U.S 
eanta per pound) fob and -atowad 
Canbbaan ports. Pricae for Jiriy 6: 

J)«IT Price 8.09 (7.88): i5-day ivorago 
.7.03 (6.9S). 


-fNDICES- 


EUROPEAN MARKETS 


nMANOAL TVfB .- 

. Juiy.e I Jufr 6 ;Mth e^e.'Y'ar age 


251,70 1853,70 1 851X2. i 298X7 
(Basae July 1 1952 — 100) 


RBJTEIS 


JulyTiJuly e Nrth.ogeiY'or age ' 


1853.8 I ISBQXi 1505X I 1786X 


(Base: September 18 ,1^1 - 100) 

MOQDY9: 

JUiy9 |Juiy8*:M'th agpIVaragb 


1001.1 ilooox ' flgpx ! i-x8i.3 


(Oaesmbsr 31 1831 — 100) 

DOW JONB- 


,Oow , ’July . jgj^ [Mentn 
Jen as 1 6 . 3 I ase 


age 


Year 


oge- 


Xpet ;182.9412S.03il83.15! - 
Futr ajia0.96 .185XallE3.75 - 
(Baas: Oecemba'r- 31 1974 - 100). 


-ROTTERDAM, Juty 7. 

Wheat -{U.S. 5 per tonne): U.S. No 
TWO Red WWitar July 148. U.S. l«o 
Three Amber Durum’ Ju«y 17E Aug 175. 
Sept 178. Oct 181. Nev 184X0. Dee 
'190., U.S. No Two Northern.'. SbeUM 
14 per eem Jiriy 17?; Aug 173, S«t 
173.Sa.Oct 178.' Nov T78, Dee 182. 
Canotfioiv Western Rod terirw Julv 
195, Aug 195. Sept 186. 

Meike (U.S. -8 par tonne): U.S; No 
Three YcHow spot 124.50, sfloK -12^ 
July 122.75, Aug 122.50. Sept 121.50, 
OcT/Ooe 12a Jen/Mer 128 eeUen. . 

S^Fabeana— (U.S. -S per aonna): U.S 
,.Twb YeUow G^fporta July 244.6a Aug 
245.90. Sept M6.S0. 0« 241. Nov 241, 
Si-36. Feb 260. Mar 
259. ApiU 252 saHera. 


Seyemaal. -(U.S. 5 Per tonne): 44 per 
mt July 207/236.60/206 icadadr aflotl 
200. July 20«.6a Aug 213. Sew 214 
Oct 214.50, : Nov/Mar 223.60 eellsra. 
PtWats BrasH New/Mir 238.25 vedad: 
sfipat -215. July 214, Aug 217. Sept 
221, (Tct 23a Nov/Mar 240 atNers. 


_i PARIS, July- 7 

par 1C» kiloa): Juiy 
1^1080. Sept . Il25-113a. Dec 1165- 
’W’ 1210-122a May 1255-1285. 

’®5- 30S, Sept 132S>7335. Solas 
at eatl: nil. 

,.^B4;^(FPr par tonnp); Aug I57a 
1715-171?. Nov 1705-1716. 
fw March 1725-1730. May 

]7S5:TO July 1780-1790. ' Aug 1800- 
1810. Salas at call: 11. 


' £ £ Z 1; 

Spot 548-50 --I.5 545.7 aSX 

i memhal S6BX-9 rSXB 565.8 >5.79 


Aluminium— Morning; Three montho 

cses.aa 70.00. 73.0a 73.00. 72.00. 
72.50. 71.9a 71.00. TO.Oa 69.3a 7oxa 
71.0a 72.00. 73.0a 74.00. 73.0a 71.00. 
7D.0a 7D.SQ. Kerb: Three .monAs 
£S68.0a 67.0a 66.00. 69,00. Afternoon: 
Three months ES67.{X). 66.0a 
84.Sa 6<.00, 65.00. 64.5a BS-.00. Kerb: 
Three monthe £5S5.0a 64,50. Turnover 
19,S^ tonnes. 


NICKEL B.m. + or- p.m. or 
Dffieial — 'Unofficial — i 


Spot... 299S3a>+l5 3005.15 +15 
Smonths 30005 49 2995X005 t2LS 


• Cento per pound, t MS per" kilo, 
t On previous unofficial cloaa. 

Nickel— Morning; Three montha 

C3.(M0. 20, IS. 10. Afternoon: Three 
monih: C3.>1C0. Turnover 522 tones. 


Business dona— Wheat July 121.00- 

118.90. Sept 111.25-110.20. Nev 114.96- 

113.90. Jan 118.7C-117.80. March 122.^ 
121.3a May 125.53-134.33. Salee; 
l,-.38 lots el too tonnee. Barley: Scot 
1C3.00-1G4.rn. Nov 109.90-10a40. Jan 
1123.00-111.9a March 11S.SD-11SX6, 
May 118.S0-116.39. Silee: ?? lets of 
100 timnes. 

LONDON GRAINS-Wmt: U.9. Oeit 
Northern Bpring No. 1 14 per' cent 
Aug 111.76 Sw 110.6a Oct *11.^' 
tnnehipment 61st Coast seflsrs. 
Enghch Feed fob Sopc 114X10 East 
Coast. Nov 118.60 Bristol Chsrmel 
seliare, Sapt 113.00 paid Eaet Coeef. 
Maize: French July 138.00 tnnship- 
ment . East Coast aafiara. S. African 
Wh.-M/Yettow Jiriy-Aug 88.K seKer: 
Bailey: Engliah Faed fob Juiy/Aug 
1C4.75 East Cee« aellars. Oct/Oec 
1I2.<0 paid East Ceasl. Jan/March 
117. C3 piid Kmgs Lynn. Rsot un- 
unoted. 

HGCA — Locational ax-farm aeet 
prices. Feed Barley: E'Mids. 1Q2.oa 
The UK Monetary Coefneiam lor the 
week beginning Monday July 12 ta 
expected to remain unchangad. 


WOOL FUTURES 


POTATOES 


LONDON NEW ZEALAND CROSS. 
BREDS— Clea* lin ordei; buyer, eeUar. 
business) New Zealand cents per kg: 
Aug 370, 375. nil; Oct 389, 393, nil: 
Dae 401. 4(EL nil: Jan 402. 404. 402: 
Mtreh 413. b20. 413; May 42^ 43a <23; 
Aug -438. 440. nil; Oet 437, 444, oil; D*0 
441. 447..442: Jan 443. 4Sa 445. Sales: 
■«. 

SYDNEY GREASY WOOL-Close (In 
order buyer. sellbr. buslneac). 
AuatriUan cents per kg. July 538.8, 
540.a S39.5X3SX; Oet $14.a 514s6, 
618.a615X: Dec 518 Xl 518.5. S19X)- 
517X; Mar 624.a 525.a- 524.G: May 
528.0. 530.0. untradad; July S37X. 533.6.' 
538.0; Oet 632.0, 835.0, untraded: Dec 
636.6. 637:5. 637.0-536.5. Sales: 41. 


LOTDON POTATO FUhjBES-Tha 
marl'et waa neivoua again: opeolng 
lower but attracting pi^i^taking on 
forward pesiiiona. Easier -- eaiFiet- 

breught November down,* rppons 
wlay end Haroar, -CKwing ''prieaa: 
(high 55.80, low 
thiBh 61.00, 

tow 80.30): April 88.0a -OJRL (higb 
^ May 79.90.. -O.ia 

(high 77.10, lew 76.60); Itw 63^-. 
*!"g|y".9hri, (untradad). Tumovar: 251 
(326) lets of 40 tonnes. . .. 


MEAT/FISH 


COTTON 


LIVERPOOL— Spot • and ahdMiarU • 
arias amounted to 100 tennas, Snuff 
flffnka ansuad. Attanbon waa mtuHy 
eermad wi spaDthat growths 
ertemaing in iht -Middla East, but soma 
Aincan quahiias were in requtst, 


GRIMSBY FISH "Supply - gootL 
damand good, pneea »t ship’s aids' 
PC'' awna; shrtf cod 
£4.CQ.£4.60, codiipgs Q.4O-&4.20’ laro* 
had^k a.4a£*xa medium haddort 
Q.».E3.^ I^i pteree £4.(kM5.0a 
medium £3.80-£5.00, bast sntrti £3.00. 
£4.70; tomon aelvs (large) E7.00; 
(medium) C6.0Q; roekflsh E1.80.E2.e0; 

sa-tha C1.20-C1.M. 

MEAT CONU61SSION— Average 


. amk prieas at raprasenntiva markets. 
Gto ■Carte 101,29p par' kg Iw (—0.35], 
Sheep 145.84p par kg mix dew 
•(”.16^). GB- h ga 73.9^ par. kg tov 

. 1 SMITHHELD, Pance -per pound.. 
Baaf: Seeteh killed sides 77.9 to 93.8; 
LMator hindqiiartara 95X to 88.0, lare- 
'-■r-'riar-a -eao te -61.0. Vaol: -Dutsh 
-wid andi 121.6 »'12a5. Lamb: 
'• am»i 70X to -TE.a medium 68,0 
heavy 64.0 w.67:0: rmportad— ' 
Nriw Zaatand PL 62.3 to 63.7, PM 82.0 
.-la 62X.-PK BOX M >S1.a-n 80.6 to 
01.0 Perk: Engliah. under IQO lb 44:0 
to 64.0, 1C-3^120 lb 49.0 to 52X, 120- 

10,1. .1, 4j (j ,0 W.2. .. 

'• COVENT ' GARDEN— Pri«M for-' iba 
.bulk el produce, in itarttng.par paekaga 
exeapt where otbaiWiaa- - staled, 
hnpertad Produda: Msridariita— BnzillaA 
5.60--6.00. Orangosmiaffa: 20', kg 

8S/BV7E 6.3S.- SB 5X5, 
-106.6X0. 123 5X9. 144 4Xa 108 4X0l' 
‘‘B Valanela Laiaa 48/113 
Outapan! Nkvalt 40 6.50. -48 
5^. 5|^a.M 72 6JN.; W 5X0, 112 530.. 
*‘fS-. ISO 3^. Lemona Spailla;- 
1-80-2.00: Outapan; 
6.00-8.50 (arapefnii*— 
Jaffa: 20 kg 27 4.25, 32 4.45, » 4 65 ' 
40-4X0, 48 5.40, 58 5.35, 7i 616 7S 
African: 27 4.60. 
'32 6.25. 36 5X5.. 40 S.28. 46 6,40,' BS' 
84 4.85 72 4XS-Ruby taiAe aa 
Wrtte. ^pte - Pnnch: GeUan 
Oriinwa 18 i^ 8.OCMO.OO; Tatmariian: 
JoMthan 11.00. Granny Smith 10.00- 
10.50. Snirmtr Plppuna 10.SO-11.00: 
AusBatlan: - Granny Smith ■ 10.00-11.00; • 
New Zealand: Granny Smith 10.00,11 m.. 

Ool-y;.-. 

ta-00-13.00; South- ANienn, r 


Golden Dalieiour 
' 13-9^74.80 Surkerimaon 8.00-1050. 
York Imperiala 9.00-11.00: U.S.; 1$ kg 
Had DaUdieus 9.00-12.X. Paara — 
Spanish: . Maurafini par pound • 0.30; 
Aunra liiB! WTntar Nalis 12.50-14.50. 
Paacnaa -Italian: lacge trayv 3,0ol8X. 
• 2.60-3.50: French; A/AAA 

ltoli*n: Floreneia par 

..pound 0.20-0.25: . Spanish. 11 lb Santa 
II lb. par pound 

0.12J).20. Gaviena 0.40.0.5S. Crapes- 
laraali: 'Perlatie 5.40. Themaon 8 00: 
CMaan: 5 kg. Almarla 6.00. Ribiar 6.80- 
7.00, Rad Emperor 5.3D-S.40; Cyprua: 12 
lb Cardinal 6.004.60. 

- BnalU Produce: Potatoes— Pgr lb 
new a(N-0.06. Muahrooms-~Par lb. 
«ptn 0.304Xa eloaad 0.S04.70. La^ 

' tuca<- J» ar M. found 0.80-1 xa Webb's 
1.20>2,aa Cba 1.23.2KX), Otilo na -- P ar 
85 lb 4D/80mm 3J30-3.E0. Spring 
■Onloiw-Jfar bunch.. G.C8.' Prime Cab- 
S« 8 « P y 25 lb 1X0-1.40. Carmtt- 
Par^'EB lb 2.BM.S0. per bunch 0.12. 
Rlwibatb - ^ lb, outdoor' O.oS-aiO. 

. CeucgttM»~Par 12 lb t.SO-2.40. 

Cveumbara -l pockna 1 .80.2.40. 

Toieatow P er l2.lb boa O/E 2.00-2.90. 
CautM«wer»-..Par 12 Lmeoln 2.SO-3.SO. 

- Ca^-^er 12/30 2.00-3.00. Bread 
Buia.-pa' (b DOr-OlQ. Mawovua^ 

. B-ch '0.15-0.20. '• Sugar Paat^Par lb 
r 9'-i.lK>. Paaa—Per ib . 0.10-0.12** 
Tumlns— ftor 28.1b 2.4?. Huriitor Bean* 
^Pri-: tb 0.35-0.S0. Apples P ar Ib. 

. ^mley. 0.304>.38, Grtmdiara ' a30. 

. Strawbarrlas— !>■> 8. ec 0.26-0.40. Reap- 
berries — Per ' 4-oa pack 0.104.20. 
*B"r'*'‘»rrira— PM ^ib 0.20: 'Lavellara 
. Chartraa—Pa^ ilr O’.CS-O.'SO. 

: .iv- . 8 .-|jp:ij;25^ Blggh 

.-•-.••..-I.- — ; i. • r 


ir; 


J5 


a 










J; 





Flnandal Times Thur^ay 

EVraiySAliONAL CO MPANffiS and FINANCE 




i 


North .^erican 

diarply : r 


BY MAN RUEDMAN 

^ICES of North Ameiicaa 
bank bond issi|gs. in'tho:Surtf: 
dollar market iaa^9ctf • 

aharpiy lover yekter^- as the' 
iicctor saw an overall balf>i)oiht 
decline in price levels. 

The down^d^ of. sis 
major Canadian banks* paper 
hit . a number .of Jssues, while 
several T7.S.' bank names were 
marked lower oh the back of 
ContiaeoUl l!!inols*s prediction 
of a second quarter loss related 
to the closure of Paax Square 
Bank of Oklahoma. 

TYie 9| per 1986 Conti- 
nental Illinois bond fell from 
a mid'price of 8S| to 8l|, while 
the Continent^ Illinois ISI^per 
cent 1989 issne closed at around 
99, down one point. 
of Montreal*s I4}'per cent 1987 
iffiue stood at 94|, off a po£ht • ■ 

Among U.S. banks, the Wells 
Fargo 15 per cent 1987 bonds 
dropped i to i point and tiie 
BaiUt of America 12 per cent 
1987 issue by } pbmt 

The EucodoUar bmtd maiket 
is very nervous and dealers 
report a sexious dearth of 
investor interest The - new 
European Investinent ^ahk 
(EIB) l5t per cent ItKyear- 
paper was. quoted last night in 


^ pre^aoaxket at a discount of 
per cent to 2^ per cent At 
96} 'the paper yieU^Vl6.6 per 
■ 'CWt ■ 

.Union- Bank of Switserland 
purities in London appears lo 
have taken a $30m stake-in Ihe 
BIB deal; five comanagexs 
accounted fbr a total of ^5m 
in the 65m bracket and 14'other 
. co^nanagers took a 62.5m stake 
each, totalling 63&ia. A fur1h« 
SZihn ■ of the Etr bonds is U) 
the hands of underwriters. 

Hie Swiss franc bond market, 
suffering from a strong' ff.S. 
dollar and nevrs of a 7- per cmxt 
Zotidt Inflation - rate,; dosed 
djghffy lower last night Three 
private ptacements are - being 
axcaoged: a SwFr 100m fiveyear 
6f per cent issue for First Inter- 
state Bank tfuougb UBS, a ^Fr 
56m ffveyear convertible deal 
for NHT, tile Japanese ball 
bearing cimpany, through Swiss 
Bank -'Corporation; and a -SwFr 
85m five-srear 7f per cent imue 
for K^ba, tile Japanese 
hydraulics group, - through. 
Credit Su&se. 

Euro l>mark prices wes<e off 
i point yesterday in light, trad- 
ing: 


Ottawa dii^ls tumours 


COVEKNMBNT offieida is 
.Ottawa . moved y^terday to 
dispel Euromarket ztunours that 
fuiiher large bomnrings by 
Canada are immineat to boost 
. its foreign ebchange reserves, 
writes Peter Wontagnon. 

Bumouxs have spread thfou^ 
both the Eurobond and Euro* 
credit markets in recent 
that Canada was drawing up 
plans for a la^ floating .rate 
note and/or a juixtiK) Eoroeredit 
as a follow-up to its U.S.$75ten 
bond issne launched last mpa& 

In June, Canada drew heavafy 
on commercial bank -stahdby 
credits to finance inteiveDitibq 
support for its doIUr in fqkeiga 
enhange markets. -The draw^ 
totalling UB.$L6bn. eaane 
from $65bn of facBiti^ pro*, 
tided by Canadian (|3.5bn) and 
US. banks (63bn>. 


But after accounting for 
previous drawings on these 
faciliti^, tiie amount stflt 
available under them remains 
64:lbn. In a parliamentary 
answer on Tuesday, Mr Allan- 
.Ma<£achen, Canada’s ETnance 
Uinister, pointed to the ample 
resources stiU available to 
•Canada. 

Hiere was no need for 
Canada to go to the- Inter- 
national Monetary Fond, he 
'said, .but made no specific refers 
ence to commercial market 
borrowings. 

. Government officials .added,: 
however, that drawings under 
the stahAy facilities still have ! 
xiot approached their. peak of 
previous years of U.S.63bn— 
rquhed at ■ a time when the 
total avaiSsbIe was lower at 
UB.$S.5bn. 


Canadi^ 

baiik|>ai)^ 

doM^^aded 

By Robert ^Sibbam InMentrear 

DOMENION BOND. Rating. Ser- 
vice, one of two Canadian rating 
agendes, .has Idwexed its dei- 
fications of the debrntOTN and 
medium and long term, notes 
issued by six .lhAjor Canadian 
chartered banks., 

DBS-cited the poor state of the 
CanaiBan -'ecoaomyi' rising infla- 
tion and unemployment, record 
government deficits 'and the 
declining .external -value of tee 
Canadian dollar, -as . well as tee 
concentration 6f- l^e bank 
loans to a few energy companies 
now in financial -trouble because 
of reduced casfl.fiows. ' • ’ 

DBS has ciit the Sbyal Bank 
of .Canada ratins( lr 9 m triple A 
to double A-hUdi, and tease of 
Toronto Dominion Bank. Bank 
nf Montreal and. Bank iff Nova 
Scotia from triple A to double 
A. 

Canadian Imperial Bank of 
. Commerce was 'cot from double 
A-hiefa to doable . A-low and 
Mercantile Bank from double 
A-low to singte A. 

DBS said the smainer Cut for 
tee Royal Bank ' reflected its 
I Vsuneiior porition.** .The half 
^ade re<^uction for CISC, was 
because the bank' i's *^>t>eratine' 
helrtw its lone term ootenHal." 
DBS also said ite ratinvs 
standards were eiteemelv hieh. 
th>>t the banks.-were stil.1 cnnr 
sidered tn be superior credits 

"Royal Bank rff' Canada said 
'l«ter' that apwcips in 

Canada and th'e *tTA hait shewn 
a trend towards dnwneradinv 
the ratine of a .wide range of 
conwations. 

** We have seid ail slofuf that 
the Canadian banklne industry 
has not been -tm-miine fnen t>»e 
jmoaet of the-world -ncesaion. In 
all the rircontttaiiees we feel the 
degree of change im one ratihcr 
is Tint sianifibant 'and that the 
Ro^l Bank is etnnng' the -least 
affaeted by tee DBS- downgrad- 
ing.” - 

Toronto Dominion, Bank ' of 
Nova Scotia, Bahk of Montreal 
and ' the Royal Bank- an . have 
short-time exposure in Dome 
Petroleum; CIBC has a major 
exposure in Dome, and in Turbo 
Resources. 


Dome slims to fit its 



MR JACK GALLAGHER, chair^ 
man and chief architect of 
Dome Petroleum's fast growth 
into one of Canada’s top four 
energy groups, remains unflap- 
pable. Ways irill Portly be 
found to enable bis company to 
meet C6L3bn (UB.Sl.0lbn) of 
teort-terin debt due to . Canadian 
banks by yearend^ and by 1984, 
Dome win have overcome its 
temporary cash flow problems, 
he declares. 

The storic market is less 
sanguine, marking Dome shares 
down to new lows. Many in the 
oil sector in Western Canada 
shake their heads saying that 
Dome's expansion in the past 10 
years has been heady and ill- 
advised. Yet some analysts still - 
rate Dome as a good buy, and 
argue that deqiite too much pro- 
motion of its projects, too much 
reliance . on' evernising oil and 
gas prices, and reports of Beau- 
fort .Sea well tests that may not 
stand - up to close scrutiny, ^ 
will fum out all righL 

Meanwhile, negotiations are 
slowly making progress in 
Ottawa, Toronto and Calgary 
towards a refinancing package, 
worth perhaps about C$l.5bn to 
help Dome over the hump. The 
Federal Government, itself 
often accused of being led by 
the nose by Dome, and Mr 
Gallagher, has made clear it is 
the job .of the teg domestic 
banks to put together the rescue 
pacl^e for Dome. It wDl not 
participate, at least directly. It 
has gone as far as guaranteeing 
through the national oil com- 
pany Petro-Canada a CglQOm 


Diamond buys 
out Sigmor 


bank loan to Dome Canada, tee 
48 per cent-owned Dome Petros 
leum subsidiary, whicii has. 
taken over mosir .of the group’s 
Beaufort ^ ' eriploration and 
development assets and will be 
eligible:. for major federal ex- 
ploration .iitcentive ikants 

Dbm.e received its 
first .C^Knn Petroleum Incen* 


m^or . Canadian gas .piroducer 
with oil and gas assets in Indo- 
nesia, the U.S. and elsewhere, 
from Conoco of tee U.S. This 
deal was completed last year. 
Dome first bought the Conoco 
controlling block and later was 
pressured by tbe investment 
community and others into com- 
pleting 100 per cent owneiship. 


better but industry analysts 
estimate that it will be down 
about 15 per cent for the full 
year. 

Consequently, Dome reported 
a first-quarter loss of C^5.7m 
(US$2l.Tm) on sales of 
CS752m. 

Government actions on royal- 
ties, taxes, exploration grants 


Robert Gibbens detects some optimism that a top 
;C^adian oil group can survive its cash crisis 


trve Program payment,' and Said 
it would nse CllOOm to. retire' 
the bridge flnucing guaranteed 
by Petr^anada. 

Some people in the industry 
believe that Dome has . alreac^ 
benefited from . favouritism on 
tee part of Ottawa. Since 1971. 
its Beaufort SOa exploration pro- 
gramme. has 'received no less 
than C62bn In federal subsidies, 
w)^e the. Trudeau Govern- 
ment’s national energy pro- 
gramme, . .encouraging the 
acquisition of oil and gas assets 
by Gsmadian-Owned companies, 
appeared to. many observei^ to 
be tailor-made, for Dome. 

The Petro-Canada. guarantee 
will allow the orderly transfer 
of Beaujfort Sea assets to Dome 
Canada in pieparation for the 
njew drilling season: be ginning 
towards the eftd of this month. 

Dome’s cash . ted stems 
mainly from tee takeover of 
Hudson's Bay Oil and Gas, a 


Further borrowings to achieve 
fUU ownership - ballooned 
Dome’s total short and medium- 
term bank debt to about 
C64.1bD. 

It is these loans which are the 
subject of tee refinancing pack- 
age now being negotiated, and 
doiibt exists among the public 
that they are properly secured. 
Though the company has con- 
firmed its total bank debt is 
over C64bn, it has never given 
details of how the debt is 
secured or bow this amoimt re- 
lates to another U.S.61.5bn owed 
to a foreign banking consortium 
and backed by strong assets. 

Dome has found the debt 
iuereasingly burdensome, par- 
ticularly since the turn of the 
year when industry-wide oil and 
gas production plunged because 
of tbe Canadian recession. 

Dome's production fell by 30 
per cent in the first quarter. 
Some subsequent months were 


and energy prices, coupled with 
some improvement in energy’ 
demand later in the year, gives 
hope of a ' better financial 
performance from the sector. 

Thus analysts are forecasting 
for Dome in its present form a 
net operating income of C61>2bn 
before interest payments for the 
full year. Profits should rise 
sharply in 1983 and 1984. 

But ' the interest costs are 
crippling, amounting to roughly 
CS200m in the first quarter. 
Interest rates have g.vrated 
between 15 per cent and 22 per 
cent since Dome assumed the 
bulk of its debt. They are 
currently at about 17 per cent 
and expected to rise. 

Dome’s discretionary cash 
flow after making interest pay- 
ments could be around C$160m 
this year — a trickle for an oil 
company needing to spend huge 
sums on exploration. It has 
already slashed its 1982 spend- 


ing budget from C$1.3bn to 
C3350m-C^0.m. 

Analysts see discrotionao' 
cash Huw rising to around 
C$300ni iie.\T year, but that i.s 
too late and too liitlv to help 
Dome out of its current cash 
squeeze. 

The company has to generate 
cash to reduce its debts and 
therefore has pul it? U.S. auu 
Indonesian assets on the block, 
hoping lu raise C$1 bn. 

•lapex, the Japanebe oil 
exploration group, is widely 
believed to head potential 
buyers of the Indonesian 
interests. 

.It is also lookin:; for buyer.-: 
for its controlling intere.-:! in 
Cyprus Anvil Mines, n base 
melals producer in norlitwcsl 
Canada, and ii^ cnmrollicg lioicl- 
ing in TransCanada Pipelin.^s. 
the major gas trunkline operator 
across Canada which has uI&l- 
major oil and gas de\'e!opmen; 
interests. 

One problem is that duo to 
the recession, the stock markoi 
prices uf TransCuuada nr.d 
Cyprus .‘\nvil shares are vorv 
low. But nonetheJess the 
from selling would help clear 
the log-jam and help the ban!:.-^ 
to work out rescheduling; of 
loan payments. 

These deals are unli!:ely in gn 
through before lato summer or 
early autuum. however, and 
negotiations between Dome and 
the banks will also lake moiv 
time, mainly because eacii ul' 
the banks wants adequate 
securiti' for agreeing- io lo.m 
rescheduling. 


Penn Square crash threatens energy loans 


FT INTERNATIONAL BOND SERVICE 


The list shows tiie 209 latest international bond issues for which an adequate secondary market 
exists. For flirted details iff tb^ or. .other bonds see the complete list of Eurobond prices wb^ 
will be published next on Tuesday July 18. Closing prices on July 7 


U.S. DOUAM 
aTRAiofrs 

Atom 0/1 K 
ATT 14V W . 


•tkor l«. Hj. M.92 W 
BMP Fkiine* 14V ISO 
Bk. Amw. ifT 8A ix**? ao 
8k. 14H — NO 

Bgus. Indo 8u«i IB 89 100 
British Cal. Hyd.‘ 141» 8» 100 
Burroupki Int. 1M 80 BO 

Canada US 87 7g 

Cinadair lS*« *7 -..jo -180 
Canadian -i^. .14^ 82 ^ 

Cafoiina Vowar 16^ IB -. 80 

CIBC '16 87 100 

CiticoiD 0/8 IS 84^ 100 
Citicorp 0/S iSh BG/S7 IB 
CNA-18^ 87 ■••^•.— 

Con. Illmoia IS^i 88 ^ 10O 
Duko Nrr. 0/S 18^ S 180 
Diidtoni 0/S Cap. OA 90.. 300 
ecSC 1«<k S7 (April) ... 88 
cese 14A S7 (Juno) ... - SO 

EIB I5»a 89 W 

Ekaportflftonal^ » ';W 

Gon. dfO. Crodft on 92 408 
Gan. Eloe. Cradit 04) S3..400 
Catty Oil Inc. 1« 89 ^ IK 
GMAC 0/S Fin. 16 88 180 
GMAC 0/S IRi 180 

GMAC 0/S Fin. IB » 1» 
GMAC 0/S Rl»j IS 87 100 
GuK Canada-Ud 14V 92 TO 
Gulf Oil 14^1 9* 778 

Cult OM Fin. 0.0 92 ... TO 
GuH sum 0/S 18 SO |D 
Int-An. Dv. Bk. Jg» S 
Japan Dtv. 8k. 15*i 87 9 

New Bruniwiek I6lt 89 . to 
O nurJo WdTO'IBV 89... 190 
Pac. Gaa 8 - B. -1S4 88 48 

Phiilipa Pauot 14 88 ... 200 
R.J. RynWs. 0/S 0.0 S . 400 
Saabaichewan 16 89 ... 128 
Shall Canada uS SB ... . TO 

Spain 1^-87 .•••■i'. 100 

Supanor-O/S Fin. U 88 . .TO 
Swad. Exp. Cr. ISU 88' TO 
Swod. Exp. Cr. 141» 90 TO 
Swad. Exp. Cr. 0.0 94 TO 
Toxaa -Eaatarn 19V 88.^ 80 

Union CarMa 1*V m 150 
Walla Farpo I. P. IS 87 76 

World Bank 14V 87 ... SOO 
World Bank 16V. 88 ....TO, 


-CbliiBO on . 

JootMKt Bid osar 4^ woofc YMd 
tm 101 , WV 'rfc'41VUA8 

^28 *-OS O 18.9 

400 litV1D»~9| -MV 18.71 


28V aiV '0 40V14J6 
S8V 

tIV 80V 0 -MIV18M 
98 8CV-0V 0 18A4 
94V 96V-0V-F0V18Ja 
98V -S8V -OV *i-0V 16.61 
89 98V -DV -OV 16J9 
86V S7V 8 0 15.27 

18 98ii -OV ~0V 15.68 
9tV tm -‘OV 0 15.78 
100V 100V -DV 40V 18.29 
5vi0OV-OV 0 18J8 
9dV TOV -OV +0V 1448 
9vioOV-m« 15.38 
8SV KV -OV -OV 18.64 
9IVTOV -8V 4-1V1S.69 
84V 9A -OV r-OV 16J4 
38 3V+0V-OV 16.10 
S9 88V -OV 0 15.87 
96V 98V -OV -n 18.79 
MV to -BV 49V 18.75 
■ 98 MV -OV 41V 15.64 
27 27V-OV-OV14A8 

28V 88V -OV -OV 14.62 
89V 89V -OV 4-8 14.89 
100VWV 0 -hOV15.18 
99V tSVrOV 40V15A8 
99V 98V -OV 4iV 16A7 
MV 9CV -OV 41V 1SA2 
94V 9BV-0V'40V 18.12 
or 87V -OV -Miv 14.72 
26V 27V -OV -OV 14.64 
teSV I6V-OV-OV17J03 
88^ 8«b -9V 40V 19.13 
101V101V-OV D 14J5 
mV 180V -QV 40V 16J>2 
89V 97V -OV 40V 1542 
MV 91V -OV -OV IBM 
MV OlV -OV 4QV 15.M 
MV X7 40V -^14.78 
100>»101 -OV 40V 16.75 
M’t SSV-CRt 40V 15.34 
MV 86V r««-0V 16.04 
83V 94V -OV41V 15.48 
87V M 0 -»15.7B 
9A 8«V -OV 16.24 
^ 20 40V -PV 14.90 
lOeV.IOOV -OV -0Vl657 
.96V 97V -OV 41V 16.42 
97V 9«V:>0V 40V 16.80 
96V 9SV -OV 49V 16.44 
M MV -OV 40V 16.67 


OTHER .817IAIQHTS laatwd 
Boll Canada 16 M CS... TO 
.can, ftic. S.1SVS9 C9 SO 
cm. Fonder 1*^ H CS 38 
Gas Metre. 17V 80 CS 20 
0KB 16V M C8 ........ 83 

Q.Hyd.16V8^Mrt O 80 
Quebec Piw, 16V M CS 60 
U. Sk. Nwy. 8V 90 EUA 18 
Amro Bank 10 87 .FI. ... 150 

Bk. Mata 8 H. 10 87 FI 75 
EuroRirta 10V 89 FI 80 
Irdand 10V 67 n ' 75 

Phil. Umpa 10V 87 FI... TO 
World Bank 10 87 FI ' TO 

OKS 14 88 FPr; 400 

Seivay et C. 14V 86 FFt TO 
Baneflclil 14V 80 C (D) 20 

BFCE14V87C 30 

BNF13V91 e............... 15 

CECA 1^ 88 e .... — 20 

Fin. Ex. Cred. 13V M £ 15 

Gan,' Eiae. Co. 12V M E SO 
HiraiR Walkar 14V 86 £ 25 
Norak Hydro. 14V 87 £ 30 

Priwatbankan 14V M C 12 
Qitebac 15V 87 E......... 35 

Read (Nd) NV 16V M C 25 
Royal Tnitteo 14 86 £... 12 

SOR Franca 15V 92 £... 30 

Swad. Ex. Cr. 13V M £ 30 
Eiirofim^ 10V 87 LuxFr 600 
SB 9V M LuxFr SOO 


Change Mi 

Bid Olw day weak Yield’ 
4MV 87V -OV 40V 16.70 
TO 87V 0 40V17J03 
1MV 88V 0 40V17J» 
196V 97V 0 41V17JS 
TO MV 0 +1V17JW 
TOV MV 0 41 IBM 
131V TO 40V41V16A1 
92V 8SV4(Fb4fV10M 
MV 81V « 0 10M 

97V. IIV . 0 .0 10.98 

MV TO 40V 40V 10M 
97V irV 0 40V 11.10. 
99V 109V -P* 40V 10M 
97V fiV O -0 10J7 
92V S3V 40V 4dV 16 M 
92V 83V 0 0 17M 

87V, MV 0 -DV16M 
99V 99V 40V 40V 14.71 
9SV 9<V -OV 41V 14.98 
94V. 06V -OV 4.0V 14M 
ItV S2V 0 40V 14.74 
S2V 3iV -OV 41V 14.12 
M 40V. 40V 14.73 
M 99V 40V 40V 14M 
96V 6fV 0 -OV 15.51 
lOtVIOZV r-OV 40V14A2 
108V lOTa 0 40V 15M 
MV IBV -OV 40V14M 
91V 100V 0 -kOVlSM 
97V' 88V 0- 40V 14.46 
98V MV -OV 40V.11M 
88V 93V 0 0 11M 


On^ ^ oq'iart 40>.. 

DEUTSCHE MARK 

STRAIGHTS _ 1*^ ^ ^ 

Aitan Di¥. Bank 9V 92 TO % TOi -JV 9.M 

Auairaltl 9V9* TO ft ^ f-“ 

Austria 8V SB TO MV ggi -8V 7** g.M 

Baielaya 0/S «"• |V 84 TO ffi? SS* 5 +£• f'£ 

Bewtur Int. Fin. 8V 89 80 MV ft. “2^ Sm 

Cnnada 8V 89 200 1OT ]gV ^0 8^ 


cr>d. Fanciar 8V 92 ... 100 ^ Oft -?» 9.36 


cSdr Fwief M M - TO m -£» “S* 

5SS SS ta.=S=Si !:S 

NkrI. Flnenciera *1 #> 8g S& 

Phiilpa Lwnpa^^ - ffi Jf* O !S 

M ® ■T:^ TO ^100 9 40V 10M 

gSljf «? M TO «V 88V -OV -OV SJ7 

Toniueo Ul. 9 92 TO • MV Mi 0 0^ 9.94 

World tank 9VM -TO ’Jg "?• Z£ J£. 

WWld, Bank 8V « ^ ^ 


FLOATING RATE 
M0TB8 

AIIM Iriah 5V 92 ...... OV 

Bk. ot Tokyo SV 91 (D) OV 
Bk. Nova Scetti-5V 93 OV 

8FCE SV 88 OV 

BFCE 5V 87 OV 

BNP SV 89 WW QV 

Caiaae Net. Tala. A 90 

eCCE 5V 2K2 OV 

CEPME 5V 92 OV 

Cbemtcal NY SV M ... 

Cant. Illinaia SV 94 ... OV 
Credit Agdeole 5V 87... 'OV 
Credit du Nerd SV 82... -QV 
Credit Lyeaneie 3V 97... OV 

Credit Nat. 5V 94 MV 

Danmark. Kngdm. or92 OVt 

Iraland SV 89/94 OV 

Kanaallis Osaka 6V 92 OV 
Ueyda Eurofin SV S3 ... fOV 
Long Term Cred. 5V 62 OV 
J. P. Memen 5V 97 ... fOV 
NIL West. Hn. SV 91... 50V 
New Zealand 5V 87 ,.. OV 
Nippon Crodit SV 9G.. OV 
'OffaboCi Mining 6V 91 OV 

pKbankan 5 91 OV 

seotiand int. 5V 92.:.... OV 

see. Pacific SW 81 OV 

Seeicta Ganarale SV 96 OV 
SiaBdard Chart. 5V 91 OV 

SvMdon. 5V 88 OV 

TorantP Domia'n 5V 92 OV 
Average price dwngea... 


Bid OMr G,dU C.epn C.yld 
M S8V1S/10 18.M 15.97 
88V 98V 8/12 16V 1BM 
88V 98VM/10 1SV IBM 
S8V MV M/10 IS. .16.17 
S8V 88V 27/7 18V 16.35 
191V 9BV '8/11 1S.M 1&44 
98 ^21/10 TO 1547 

MV 9BV 11/12 IIV 15.61 
SVi 98V 10/12 1544 1547 

98 S9V M/8 18.68 16.81 

MV 98V 24/8 -16V 1644 
M 98V24/8 1644 1548 
84V '9iV M/12 1641 1646 
89 aiV 1/10 19 16.12 

98V 6iV 9/8 1449 1441 

tSiV 99V 25/8 1544 1649 
t98V 8IV25/1114V 1447 
98V 99V :ff/il 1541 1845 
90V 90 VmH 017V 1748 
94 9iV 28/11 144* 

88V 90VT2/8 14V U.77 
98V 8^16/7 18.18 1844 
99V 98V 7/10 1548 1546 
90V 91V IVt 1840 10.16 
SIV 09V 2/12 14.19 1448 

99 8^17/121641 1543 

MV Jn23/9’TO 1545 
MV 88V 24/11 15 15.15 

89 OOH 1/8 1541 1843 

. 96V T0 18/11 14V 18.03 
M 98V26/6 16.31 1543 
.98V TO11/8 1BV 1644 
OndiyOonweekO 


■Benle IP - TO •Su _X. aw 

tv » !r.“. TO 1«^ ITO -OV ;;JV 9^ 
World 8V 92 TO 94V 88V- 0 ^ 

Averopo prlo* ehafis**-.. On.iy 0 on uMck -^OV 

otaiiea BtAMC ' Change on 

STRAlQHte leciTO M 

Air Canada IV 93 TO 160 TTO -W |-M 

Aeian Ddr. Bknk 7 82... TO llgTO** +£» +^» 

TV 82 80 *7 +DV +0V AM 

AUWM «dM9. H4VA8. M ^AV. at/t 


ft M. jffi IS 

cl. ¥a!7l E«OJ0«7« TO 10^1"^ « |-g 

cS-^S*D55mWv» » ^S£'2aiS:r£ fg 

CfawoZeWwbac*6V92 TO TO TO+OV-W 6.W 

Europarei TV K 1» »J Tg “’J 

Ud. Fund Finland 6V 92 » MV M +» +0V ^ 

» ’5!'''S£'TT ,S 

Lonthe int. TV » 90 te TO A. Jg 

SaSlaB^^ ** ^ TO TO -OV -rOV 943 

«!rVJ?J8 92 “ TO ITOTOV 0 -OV 5M 

•SK wfSr- ■ M 98V 86V 0- -.OV 844 

a?R^«v«ww » f-g 

S«. Im. -»tBi.BV83 00 1TO1??. ? “5? Z-“ 


CONVERTIBLf Cnv. Cnv. 

bMDS dBto price 

AiinemoTO SV 98 7/01 833 

Sow Vatfey Inv. 8 85 ... 4/812342 
Bridgoateno Tire SV 86 3/18 470 

Canon 6V- M 1/01 828 

Canon 7 S7 7/827484 

Chugal Phetm. TV 86... 7/827094 

. Fuiitau Femw 4V 96 10/81 68<1 

Furukawa Elec. SV 96^. 7/81 300 

Hinchi Cable 5V 96. VB 815 

Htnehl Cred. Cpn. 5 86 7/91 1812 
Honda Mater 6V 97....M. 3/82 041 
Kawasaki 5V 86 8/81 229 

Manii 6 96 7/818484 

MinoRa Camera 5 96.-10/n8284 
Mitieree 9V 87 ......... 5/82 8.16 

Murata 5V 86 7/81 21M 

NKK SV 95 W 1M 

Nippon Chemi-C. S 91 ...10/81 919 
Nippon Electric 5V 97... 2/82 846 
Orrent Finance 5V 97 ... 3^ 1205 

Sanyo Eiaetrie 5 96 10/81 M2 

Sumiiome Elec. SV 97... 3^SM4 
Sumitomo Met. 5V 95..«10/*12M4 • 
SwriSB 8k. -Cpn. 6V 96... 9/80 191 
Konishirdiu 6 90 DM ... ZIB 585 . 
Mittubiehi K. 8 89 DM 2/82 288 


•lU OMr 
81V 82V 
TO .07 

iig 

tt 90V 

tt s* 

78 79V 

SI ^ 

82 TO 

s % 

TO'tt 

84V MV 
!ft TO 

S'- ^ 


Chg. 

ddy Frcm 

-t-ev *48 

q 1844 

-OV -0.11 

+IRi 28.61 

-(■QV 6.02 

0 7.QB 
+0V 14.73 
-2 -846 
0 649 

-OV 12.00 

•fl 1148 
-OV 18.70 
-OV 247 
-8V 39.89 
0 3842 

•fOV 26.19 
0 >2147 
0 22.7S 
40V 12M 
0 840 

0 1444 

+0V 1148 
1-DV 42.75 
•FOV 32.12 
« 948 

-hOV 3141 


Renlc TV tt » 

SakUDi Fro. SV 92 WW » 
Soc. fua..do Cnt M 

SveirnU Handela. OV 92 TO 
T.teiar waaaar 8V.82 TO 
Vgiai.iMig Krefi. OV 82 SO 
Aweregc PHOa etaagaa 


YCNi BTIMlQiirO ' 

ElBOVn 

‘iaz.'A(a»t. fioir. 4V81 
•laoaik Airknee 'TV _w... 
'Now Zeeland SV M ... 
Werid Bank OV 02 -- 


80 88V 86V 0- -OV 844 

3D linVTOV-OV-OV 540 
M 10BVTO 0 -6V-7.'L7 

^ TO TO -OV -OV 747 
^ MV TO 0 8 8.74 

5Q 103 TOV O' 0 041 

g«e Ondey -OVonweM *"»V 

Ckiid|8eit 

Bid Olli'r d« week Yield 
tT « 57V -0V 0 045. 

18 101V 102V 0 -FOV 848 

' 8 ' TO B8V-OV-OV 9.12 

15 TOTOV G I-OV 84D 

20 TO TO 0 -FOV 844 


Is. Mfifc « .« ^ .jy. ’ |M — —Ik, 

AwMeP*TO^^"^'' OndiW-OVonweeifpoii 


* No information avallabla— prkviout dayV price. 

-t Only ena market maker sinkdiedja price. 
Streigbt Benda: The yield i* the yield n-rgdlmptlen ef the 
mld-eriew the emoum iesited le in -mfilleni of eurrsney 
. Baits exceot (or Yen bende vMfi it ig io biiriena 
Chenge on vmk-Chengt over pHOt-t week eaidhi. 
Fleering Rato Kotos: Denomineted In-dcihrs vnlCis oiher> 
tofaie indicaTed.' Coupon shewn Is nhiiensni -C.diewDate 
. next coupon bocomos oileetlvo. SpAMwUarein ifaeve 
alx-menth ederod ran (itbraa>m«W: 9 above moan 
IBM) (or U.S. doUart. C.cpna«Tfife currant Coupon 
C.rid'"The current yield. 

ConvBrtibfa Bonds: Dencminatad ta -dellm unlSM ether 
vnae Indicstad. Chg. daywChenga on day. Cnv. data- 
Pirat date lor cenveraien into aherif. Cnv.'gnco** 
Nominal -amount of bond pei abara oMpraaaed in 
curioncv of ehara at eenvoraton - rdta flaed at baua. 
Prvmapaieaniagi prtfMum of the eorrant aHoctiva price 
of acquiring shares via tbe bond evil .the moat raceni 
piic* et the Maiea. 


• fi The Ftnaneiat Timea Ud. 1882. Rtpreducilen in whole 
M in pan in any term nor permitted wiihoitt writieo 
conaent. Data supplied by OATASTREAM IntcmaiionB}. 


for $240m 

By Teny B^Md in New York 

A FURTHER -twist in the saga 
of energy company takeovers 
came yegter^ when Diamond 
Shamrock, whose substantial 
reserves of oil and gas have 
made it tee subject of takeover 
talk itself, announced that it is- 
parihfi $2Mm for the 79 per 
cent of the shares if does not 
already hold in Sigmor, a major 
petrol refiner and retailer in 
Temis. 

The move strengthens 
Diamond’s own retailing 
presence and will create a group 
with annual turnover of about 
».2bn. 

Diamond is offering 0.44 con- 
vertible stock for each of Sig - 1 
mor'6 outslaxuii^ 13.7m shares, I 
with a carii option of $17,90 for | 
eadi Sigmor share.* *nie pre-^i 
ferred stock is immediately ; 
convertible to one IMamond , 
share. 

Mr Tom Turner. Sigmoris 
chairman and chief sharebqld^ I 
together with his wife, will take ; 
Diamond preferred storic for 
thrir 9.5m Sigmor shares. | 

Jobber outlets 

Over half tee petrol sold by 
Sigmor through its 600 petrol 
stations already: comes from. 
Diamond Shamrodc which does 
I not itself own any stations but 
retails through *' branded 
jobber ” outlets. 

Ur William H. Briekmr, 
Diamond’s chairman, described 
the Sigmor deal ‘as “a lo^cal 
extension of our already profit- 
able refitting and marketing 
busmess.” He considers a strong 
petroleum retailing arm of 
prime iuuwTtance in today’s 
difficult markets. 

leaming q at Diamond, which 
has interests in chemicals, 
plastics and coal, have been 
lower this year,, in line with 
these business sectors. 

Wall Street is convinced that 
other major oil companies', per- 
haps in cluding Mesa Petroleum, 
have been eyeing Diamond’s 
healthy energy reserves of 36m 
barrels of oil and 93l.3bn cubic 
feet of natural gas. 


Canadian trust 
in legal move 
against Turbo 

By Our MenCreal Correspondent 

CANADA TRUSTCO Mortgage 
Corporation, a major Toronto- 
based trust, has taken legal 
action to have Turbo Resources 
and tee Canadian Imperial 
of Commerce provide security 
for a C$20m loan. 

The trust company claims 
that a clause in the agree men t 
covering its $20m loan to Turbo 
has been breached by Turbo 
and tee bank. 

Costly takeover 

Turbo, a fast-growing Calgary 
oil and gas company which has 
integrated into refining and 
marketing, is now going through 
a debt restructuring programme 
because of severe cash-flow 
problems and a costly takeover. 

Canada Trustee claims the 
violation of the loan agreement 
occurred when Turbo provided 
security to CIBC for a loan 
without doing .so for Canada 
Trustee. It see& i«payment of 
the loan if security is not pro- 
vided. Another trust company 
plans similar action in respect 
of a S5m loazL 

Canada TYnsico said it took 
legal action to ensure its 
interests are protected. The 
Turbo loan is its only commit- 
ment in arrears. 

Turbo said it will defend its 
position against both trust 
companies. 


I PENN SQUARE, the Oklotaoma 
: bank which collapsed last week- 
end bringing hundreds of 
i millions of dollars of losses to 
I lenders . and depositors, was 
I known as- a hi^-flyer in the 
! booming . energy lending 
business wt also seemed 
dangerously exposed, bankers 
said here yesterday. 

One banker described it as a 
“ glar in g , examine’’ of . the 
problems facing many banks 
whidi lent heavily to the ene^y 
industry during tee oil price 
boom and are now paying the 
cost, though he doubted tbat 
any were in as serious trouble 
as Penn Square. 

The Office of tee Comptroller 
of tee Currency, which 
regulates -banks, first identified 
Penn Square as a problem bank 
in 1980 and had examined Us 
books, at rix to nine^monte in- 
tervals before ordering it to be 
closed ddi#n on Monday ni^t. 
The .bank is how in tee bands of 
a Federal receiver. 

Penn Square was one of the 
fastdst-growing banks in tee 
“oil patch,” tee stretdi of the 
U.S. south \riiidi grew -rich on 
oil and gas In the 1970s. In the 
six years before it came to ^ief, 
its assets grew by a stag^ring* 


fifteenfold, . mainly by 
.specialising in putting together' 
loans for small oil and gas 
drilling companies and sellin.c 
participations in those loans to 
larger banks from elsewhere 
which were eager for energy* 
business. 

About 80 per cent of Penn 
Square’s loan portfolio was in 


Northern Trust, also of Chicago, 
' and Michigan National Bank. 
. All stand to lose as a result of 
the failure. 

tVhen they participate in 
loans, banks must make their 
own credit judgments and 
usually have no recourse to the 
prigiDatuig bank if the loan 
goes sour. So the bad loans put 


Hl-jndged “ bought ** participations in energy loans have 
cost U.S. banks dear, report David Lascelles in 
New York 


energy, and the volume of its 
loan participations e.Tceeded 
$2bn. 

This exposure made It a 
likely victim of tee recent 
softening of the oil price and 
the widespread failures in tbe 
oil caq>loration and production 
business it has caused. But tee 
ramifications are turning out to 
be far broader than the collapse 
of a comparatively small bank 
would lead one to expect 

About half tbe participations 
were bought by Continental 
□Unojs, the largest bank in 
Chicago, with other shares being 
held by Chase Manhattan Bank 
of New York. Seaflrst of Seattle. 


together by Peon Square have 
now become tee other banks’ 
bad loans too. 

Some parilcipating banks may 
tr>* to sue to recover funds from 
Fena Square. But Wall Street 
analysts feel teat they bad only 
themselves to blame ' because 
they should have known exactly 
to whom they were lending. 
Poor management and greed 
for profits must have played a 
role, they say, particularly at 
Continental Ulinols which has 
been under mounting criticism 
for expanding its lending busi- 
ness at tee expense of credit 

quality. 

Continental said it expects the 


failure to cost it its ontlrc 
second quarter earnings, and 
more. Bank anol.vsts say this 
means the bank must have 
taken a blow of at least $120ni, 
possibly more than $15Um. 

In addition, depositors whn 
had placed more than .SIOO.OOO 
with Penn Square will lose 
money. This is the maximum 
for which U.S. depositors are 
insured. The Federal's Deposit 
Insurance Corporation has said 
that about $190m of deposits 
were noC covered. 

One U.S. banker who claimed 
to have been winding down his 
oil loans for the last nine 
montes predicted yeslerduy 
that tee Pena Square collapse 
would kill all but top quality' 
energ>- lending “stone dead." 

The affair has already given 
sharp knock io banks stocks. 
- The episode - is. strons^v 
reminiscent of the recent 
Diysdale affair when another 
little known financial institution 
stru^ like a bolt from the blue 
and brought huge losses to 
major banks. 

Observers seem to agree that 
unless U.S. interest rates come 
down quite sharply and the 
economy gets back into shape, 
these strains will persist and 
might even get w’orse. 


The Gulf BankKS.C. 


Ihteialliaiiz Bank Zurich AG 

have jointly acquired 

Bateinanl^clilerj HiU Richards International Limited 

and subsequently changed its name to 

GIBA Inteniational Limited 


Eurobonci Issues^ Project Finandng, Mergers &Acquisilion% Portfolio Management 


Myim 


^cfthesharesintheFiuidhavebcensold. This announcement appears as a matter ofreconl only. 

Panorama Venture Capital 
Fund limited 

(a company registered With limiied liabilit/ in Jersey under ths 
provisionsofl?)eCompanies(JerseyJ[^vs1861 to196S) 

US$20,000,000 

has been subscribed in a private piecing arranged by 


GIBA Finandai Services Limited 


The Gulf Bank K.S.C 


Alan Patricof Associates, Inc. 

Investment Advi^rs 




26 


u.s.s 2 aooo.ooo 

UNION BANK OF NORWAY LTD. 

(Fellesbanl^ aj.) 


4 


FLOATING RATE CAFFTAL NOTES DUE 1 989 

in accordance with the prisons of the Notes, notice is 
hereby given that tor the six months interest period from 
July 8, 1982 to January 10, 1983 the Notes will carry an 
interest Rate of 16^/16% per annum. The interest payaUe 
on the relevant interest payment date, January 10, 1983 
against coupon No. 4 will be USS421 .41 . 


By The Chase Manhattan Bank, N A, London Agent Bank 


Financial Times TLuisday July S. 19S2 

c.»p..i«»dMark«t. INTERNATIONAL COMPANIES and FINANCE 




uJI 


The Commercial Bankof Kuwait 5AK 

U,S, $40,000,000 

Negotiable Floating Rate Non-London 
Dollar Certificates of Deposit Due 
July1985 

We hereby certify that 

the rate of Interest payable on the Certificates 
for the Interest Period beginning on the 8th day of July. 1 982» 
is 1 5a per cent per annum and the Interest Payment Date 
relating thereto Is the 10th dayof January,1983. 

European Banking Company Umited ' 

(Agent Bank) 

8th July, 1082 


Banque Nationale de Paris 



U.S. $75,000,000 

Floating Rate Notes 1 987/1 990/1 994 

In accordance with the provisions of the Notes, notice is 
hereby given that for the six months 9th July, 1982 
to 10th January, 1983 the Notes will bear 'an interest 
rate of 164% per annum and the coupon amount per 
U.S. $1 00,000 will be U.S. $8,479.1 7. 

Agent Bank 

Samuel Montagu & Co. Limited 


Veba hit by losses in oil 
and chemicals sectors 


BY KEVIN DONE IN FRANKFURT 


VESA, West Germany's largest 
induatkal concern with sales 
last Tear of DM 48.4bn CElB.Sizi). 
is being hit by losses and falling 
profitability in important areas 
of its oil and chemicals ope^ 
ations. 

Neither subsidiary’, Veha Oel 
nor Chemische Werke Hills, is 
expected to be in a position 
to make any dividend con- 
tribution to the parent company 
this year^the second year 
running— said Herr Rudolf 
Bennigsen-Foerder, chief exec- 
utive. 

The electricity supply oper- 
ations. which account for some 
16 per cent of group turnover 
but represents the nucleus of 
Veba's profits, are performing ■ 
satisfactorily. The company also 
expects good returns from its 
transport and trading activities. 

■ Last year group sales rose by 
nearly 18 per cent to OM 49.4bn, 
while after-tax profits rose by 
9 per cent to DM 539m. Volume 
sales of i^emicals and oil pro- 
ducts last >‘ear declined sharply. 
Most of the increase in turnover 
was caused by higher prices. 


Pre-tax profits last year 
dropped by 14 per cent to 
DM 1.4bn. 

Veba group ^les have in- 
creased more slowly this year 
with a rise of 5.5 per cent in 
the first five months to 
DM 20.6bn. After-tax profits in 
the first quarter totalled onl.v 
DM 61m compared with DM 
95m in the same period last 
year, chiefly because of the 
drastic fall in earnings from 
oil refining and marketing. 

The position in this sector bas 
improved in the last two 
months following a series of oil 
product price increases. 

In addition Veba has taken 
a ' number of short-term 
measures to cut the losses of 
its oil operations including: 

• TTie reduction of long-term 
contract pnrchases of crude oil 
in favour of buying on the spot 
market — spot market purchases 
accounted for 37 per cent of 
crude bought in May. 

• Stocks of oil products and 
crude oil have been reduced by 
40 per cent. 

• Refining capacity has been 
cut by 2.5m. tonnes to 16.3m 


tonnes a year and Veba and 
Mobil are considering dosing 
3m tonnes of their Jointly 
owTied 7m tonnes a year 
refinery at Xeustadt Bavaria. 

• One . tanker has been sold 
and two further tankers have 
been laid up. 

Tbe volume of chemicals sales 
hy Chemische Werke Hills fell 
by 12 per cent is the first five 
months this year and both its 
plastics and fertiliser opera- 
tions are operating in deep 
losses. 

Htils is the third larged plas- 
tics producer in the Federal 
Republic after BASF and 
Hoechst. As part of a costs 
reduction programme it is 
cutting its chemicals work- 
force by 1,500 by the end of 
1983 and is also closing plants 
in important areas such as 
chlorine production. 

As Hfils is not expected to pay 
a dividend,- Veba has offered to 
buy out the remaining private 
shareholders, who hold about 12 
per cent of the equity, through 
a share swap with Veba shares. 
Tlie cost of the action is esti- 
mated at DM 160m. 


Moeller foundation to sue 
Danish central bank 


BY HILARY BARNES IN COPENHAGEN 


t 


Weekly net asset value 

Tokyo Pacific Holdings (Seaboard) N.V. 

0 * July 5th 19S2, U.S. $52.41 ' 

Listed on the Amsterdam Stock Exchange 

Information: Pierson, Heldring & Piersmi N.V., 

Herengracht214,1015BS Amsterdam. 


YONTOBEL EUROBOND INDICES 





143.76 

= 100% 



PRICE INPEX- 

6.7.62 

29 6.32 

AVERAGE YIELD 

6.7 82 

29.6.82 

DM Bpnrl^ 

95.43 

94.91 

DM Bonds 

9.226 

9J30 

HFL BonrlK A NiMn<l 

97.10 

97.28 

HFL Bonds & Notes 

10.415 

10.424 

U.S S Sin. Rnnrin 

S7.73 

87.28 

U.S. S Sirt. Bonds 

14 603 

14.746 

Cun. Dnil-ir Bnnds 

S9.26 

89.75 

Can. Dollar Bonds 

16.052 

15.945 



ONE OF the foundations con- 
trolUng the Moeller shipping 
and industrial empire is to sue 
the Danish central bank for the 
release of its assets. These 
have been frozen by the bank, 
following the transfer of the 
foundation's domicile from Den- 
mark to Liechtenstein. 

The foundation is one of two 
which have a controllii^ 
interest in MoeUer, although it 
holds less than 10 per cent of 
tbe shares in the Moeller parent 
companies. 

The Danish Government is 
planning to introduce taxes, 
obligatmy registration, and 
supen'isorj' regulations for self- 
owning foundations, which so 


far have not had to pay wealth 
tax or taxes on diridend 
incomes. 

According to the Moeller 
foundation's legal adviser, Mr 
Kristian Mogensen. it is the 
prospect of a wealth tax which 
has caused the change in its 
domicile. In combination with 
a tax on dividend income, 
wealth tax could mean that 
Danish foundations uill have to 
hand over just about all ^eir 
income to the btate. 

It is estimated that there are 
about 15.000 self-owning founda- 
tions in Denmark with assets, of 
somewhere between Kr 50bp-. 
Kr lOObh ($11.6bn). Many large 
and mediiira-sized companies 
are controlled by foundations. 


Oce recovery continues 
as profits leap by 48% 


BY WALTER ELUS IN AMSTERDAM 


hTET PROFIT at Oce-Van der 
Grlnten, the Dutch-based repro- 
graphics group, rose to Fi 20.1m 
($7.3ni) in the six months to 
the end of May. compared with 
FI 13.6m a year earlier — an 
increase nf 4S per cent 
This confirms the recovery 
whicii the group has made from 
Its decline intn losses in 19S0-S1 
as a whole when a deficit uf 
FI 7.9m was recorded partly as 
a result of problems with 
Ozalid, Oce's UK operation. It 
i.s now thought that Ozalid may 


break even this year, and 
perhaps make a profit in 1983. 

Capital .Invested id the grow- 
ing rental market for photo- 
copiers— in this case Oce's 
advanced 1900 model— has been 
substantial and depreciation is 
up from FI 5L5m to FI 60.5m. 
The book value of rented 
copiers, which form part of 
fixed assets, exceeded FI 200m. 

• Oce's sales in the six months 
reached FI 835.6m, against 
FI 800.5m. Operating profit was 
FT 63.0m against FI 52.8m. 


NEW ISSUE These Xous having keen sold, this aanoitncetnent sf pears as a matter of record only. 


U.S. $75,000,000 
W. R. GRACE N.V. 

(Incorporated in the Netherlands AKtides) 

14%% Guaranteed Notes Due June 1, 1989 

Unconditionally Guaranteed by 

W. R. GRACE & CO. 

(Incorporated in Comeedatt) 


Merrill Lynch International & Co. 
Algemene Bank Nederland N.V. 

Bank Brussel Lambert N.V. 

Banque de Paris et des Pays-Bas 
Daiwa Europe Limited 
Morgan Grenfell 8c Co. Limited 
Societe Generate de Banque S.A. 


Banca del Gottardo 
Banque Nationale de Paris 
COMMERZBANK 

Aktiengesellschaft 

Dresdner Bank 

Aktiengesdkehaft 

Orion Royal Bank Limited 


Union Bank of Switzerland (Securities) Limited 


Bask GuQwiller, Kurz, Bimgeaer 

(OverMU) LkmiM 


Amro Intcnuiiotul Limited Amhold and S. Bldchroede!-, Inc. 

Bank Leu International Ltd. Bank Leumi Ic-lsrad Greup Banque Arabs et Internationale dlnvestissement (B.A.I.I.) 
Banque Gcnerale du Luxembourg S.A. Banque de NeufUze, Schiuinberger, Mailee 

Banque Populairc Suisse S.A, Luxembourg 
Bear, Steams £c Co. 


Banque dr Paris 
o dw Fayi-Su (Suiuc) S. A. 


Credit du Nord 


Bi,vtb Eastman Paine Webber 
Intcmiiienal Limited 

Richard Daus 6c Co. 

Emkien (Vonnalt Hans V, Petenen) 


Banque Privee de Geadon Finandere 
5PGF 

Cazenove £c Co. 


Banque Worms 
Crfdit Industriel et Commercial 


Delbruck 6c Co. 
PrmibiBkiets 


EKecicnbank-Warburg 

.IkiicnccKllKhiit 


First Chicago Limited Gotabanken 

Merck, rinck fic Co. Mitsubishi Bank (Europe) SA Xomnea Intenunonal 
Sal. Oppenheim jr. & Cle. Pierson, Heldring & Pienon N.V. 

Schrader, Miinchmc}'er, Hengse dC Co. J. Henrv- Schroder Wagg & Co. Limited 

Socicie Sequanaise de Banque Sparebanken Oslo Akershus Sparekassen SDS 

^LM. Warburg-Brinckmann, Wira fie Co. Wood Gundy Limited 

June I9S2 


DGBANK 

Deutsche GomsseudBfBlnnk 
Kidder, Peabody Intemacional 

T iiM.i.<l 

.Noiddeutsche Landesbank 
Gineeotale 

Rowe & Pitman 
Skandinaviska Enskilda Banken 
Vereins-und Westbank 

AioeogBsseheluft 


Vizcaya to 
rescue 
major bank 

By Robert Graham In Madrid 

BANCO DE VIZCAYA is to 
mount a major rescue opera- 
tion and take over the ailing 
industrial bank Occidental and. 
He small commercial arm Com- 
mercial OendentaL 
Final figures have not been 
disclosed but the combination 
of new capital, provided by 
Vizcaya, and soft funding from 
Ihe government's Deposit Guar- 
antee Fund is believed to total 
more than $500m. 

The principal attraction In 
Occidental, with deposits ot 
Pts 49bn (8441m). 'lies in its 
131 branches throughout Spain 
and a small bank in Puerto Kco, 
Banco Mayajuz. Vizcaya bas 
agreed to buy 51 per cent of 
Occidental and lift this to near 
total control by a capital in- 
crease. 

At Occidental’s annual meet- 
ink month its Pta 4.5bn 
capital, in which the troubled 
Italian group Banco Ambrosizma 
held a 10 per cent stake, was 
reduced to a nominal single 
peseta; In return for this stake, 
currently by the Deposit Guar- 
antee Fund. Vizcaya will in- 
ject Pta 7bn worth of capital 
I- of which Pta 50(ta will be 
diverted to Cotmnerdal Oed- 
dentoL 

peridentiri. winch failed last 
Jirly. consists of over 100 
Industrie, finance and property 
companies. The more profit- 
able of these, like the cement 
intwsts, have already been 
disposed of; 

Occidental's 1981 balance 
sheet showed losses of Pta 6.2bn 
and addibo-nel losses pf Pta 3bn 
relating to previous years. 

Vizca.va. ' whidi' las>t year 
raised iits profits 29 per cent to 
Pta 8.3bn. has earned a reputa- 
tion as one of the most aggres- 
sive of Spain's big seven 
commercial banks. 


Sales slowdown 
seen at KHD 

By Our Rmncial Staff 

KLOECKNER Humboldt Deutz, 
the German engineer, expects 
turnover and incoming orders 
will be- weaker in second half 
1982 than in the first half, man- 
aging board chairman Herr Bodo 
Liebe said. He told the annual 
meeting that be expects parent 
company turnover for 1982 to be 
above DM 4bn (Sl.Bbn) against 
DM 3.91bn in 1981. 

Parent company turnover rose 
by 10 per cent in the first half 
compared with a year earlier, 


Daimler car 
sales and 
production 
rise 11% 

By Our Frankrurt Staff 

DAEMLER-BENZ, tbe 
German car and commercial 
vehicles manufacturer, in- 
crease car sales and produc- 
tion by II per cent In the 
first six montiis of the year 
to 233,000. Output In the 
whnic of 1982 Is planned to 
exceed 450,000 compared with 

440,778 last year. 

Ssetbacks suffered In South 
Africa and in the domestic 
market have depressed world- 
wide sales of commercial 
vehicles, however, bringing a 
14 per cent fall in production. 

Ootpot in Daimler-Benz 
domestic commercial vehicle 
plants dropped by 6 per cent 
overalL The group has been 
hardest hit by the general fall 
in demand in the light com- 
mercial vehicles sector, where 
output has been redneed by 
22 per cent with production of 
little more than 31JI00 units 
compared with more than 
40,000 last year. 

In contrast to Volkswagen, 
Its main competitor in this 
sector, Daimler-Benz - is still 
confident of avoiding short- 
time working in its light com- 
mercial vehleles plants. It 
will switch work from other 
locations in the group or 
transfer workers to plants 
still working at full capacity. 

Dr Geriiard Prinz, chief 
executive, indicated yesterday 
m the company’s annual meet- 
ing that group profits had 
improved farther in the first 
half of ' the year but he 
refused to give a forecast for 
the full year. 

The company expects 
Frelgfatllner. its new heavy 
truck sobsidiaiy in the U.S., 
to operate at a loss in 1983, as 
a result of the steep recession 
in the V.S. commercial 
vehicle market, be said. 
Freightliner has held its 
market share for trucks in 
the class Mwve 13 tonnes at 
altont 10 per cent, bat has 
been able to do little to 
counter the general fall of 40 
per cent in new registrations 
since 1979. 

The strength of the dollar 
against the Deutsche Mark 
was ' assisting Dalmier-Benz 
U.S. car sales, however, said 
Dr Prinz. -The Increaring 
profitability of this operation 
was taelp^ to offs^ losses in 
commercial vdueles. 

The company also expects 
higher losses this year from 
its bos manofacturing opera- 
tions in West Germany, which 
have tor long reinauied 
stubbornly in defidL Bnt ont- 
pat is likely to fall to only' 
3,600 vehicles fn 1982 from 
4,300 last year. 


26 

CURRENCY 

FORECASTERS 

have each forecast up to 
22 currencies to July 
1 983, in the most 
important analysis ever 
rriade of'foreign Exchange 
rates.. 

Their expectations? 

Read them in the July 
issue of the. Euromoney 
Currency Report, published 
today for subscribers only. 

Call Martin Hiilier 
01-236 7111 
Telex: 8812246 
EURMON G 
or write to 

Euromoney Currency 
Report 

Nestor House, 

Playhouse Yard, 

London EC4V 5EX 
now to become a 
subscriber 


Elf challenges State 
over petrol prices 


BY TERRY DODSWORTH IN PARIS 


THE FRENCH Oovemment's 
plans for reorsanising the heavy- 
chemicals industry are facing 
collapse following a threat from 
Elf Aquilaine. the Stale- 
controlled oil cohipany, to cut 
off financial support for the 
operation. 

Eirs challensc to the Govern- 
ment was publicly thrown down 
by M .\1bin .Chalandon. tbe 
group's controversial chairman, 

in a clear bid lo reverse Impend- 
ing decisions on petrol price 
controls. 

He said the company' could 
not afford to pump money into 
lite rationalising of heavy' 
chemicals if it were hit by new 
limits on pump prices. 

The conflict is nn Illustration 
of the problems that are being 
thrown up by . the draconian 
four^month prices freeze intrt^ 
duced tids month. 

Only two months agb, the 
Government reached agreement 
with the oil industp* over a 
pricing system, for oil products 
linking them to the prevailing 
EEC and spot market rates. But 


the authorltiH are apparently 
planning to reduce the increase 
due in .-\usust lo help comply 
with the freeze. 

lu addition, the oil industiy 
is being niadi* to bear the full 
extent of the 1 per ceftl increase 
in ^'alue ,'iddcd tax rcceiMy 
introduced by the Government. 
The companies will be unaUe 
to recuperate ony of this from 
the public. 

Elf argues that this ampu- 
tation of us potential resources 
means that it is no longer in 
. a position lo support tbe sweep- 
ing plans for the reorganisation 
of die chemicals inriustry. 
Although it cannot .vet evaluate 
its loss of earnings from the 
proposed peiroi price limi- 
tations. it sa^'s that it is already 
planning cuts in its general 
investment budset 

The cumpany'h dension to put 
pressure on the Government will 
present M Jean-Pierre Cbevene- 
ment, the Minister uf Rescardi 
and Industry, with his first 
major problem involving, the 
public sector. 


Rainer Gut to become 
Credit Suisse chairman 

BY PETER MONTAGNON, EUROMARKETS CORRESPONDENT 


MR RAINER GUT. who played 
a key role in pulling Credit 
Suisse round from its traumatic 
Chiasso losses in 1977, is to 
become chairman of the Znrich. 
based bank from next March. 

Described yesterday by a 
colleague as “ a banker through 
and through." Mr Gut,. aged 50. 
will be put forward at next 
year’s annual meeting as the 


board’s candidate to succeed 
the present chairman. Dr 
Oswald Aeppli. who is retiring. 

Since becoming chief execu- 
tive in 1977. Mr Gut ha.s also 
steered the bank. The smallest 
of Switzerland's big three, on to 
a much more aggressive busi- 
ness course. Total assets at the 
end of last year stood at 
SwFr T3.6bn tS34.7bn). 


BASE LENDING RATES 


A.BJf. Bank l2lOFi 

Allied Irish Bank 1319^ 

Amro Bank 

Henry Ansbacher 121% 

Aibuthnot Latham ... 12*% 
Associates Cap. Corp. 13 % 
Banco de Bilbao ...... 121% 

BCa 121% 

Bank Hapoalim rai ... 12^% 

Bank of Ireland 12i% 

Bank Leumi (UK) pic 12t% 

Bank of Ch'prus ...; 12i% 

Bank Street See. Ltd. 13|% 

Bank of N.S.W. 121%' 

Banque Beige Ltd. ... 12i% 
Banque du Rhone et de 

la Tamise SA. 13 % 

Barclays Bank 

Benefidal Trust.Ltd. ... X3^% 
Bremar Holdings Ltd. 13|% 
BriL Bank of Mid. East 

I Brown Shipley 12|% 

Canada Perm't Trust... 13 % 
Castle Court Trust Ltd. 13 % 
Cavendish G'ty T'st Ltd. 14 % 

Ca^-zer Ltd. 12^% 

Cedar Holdings 13 % 

I Charterhouse Japhet.. 12{% 

Choulartons 13 % 

Citibank Savings fl2;% 

Clydesdale Bank 13}%' 

C. E. Coates 13}% 

Comm. Bk. of Near East 13}% 
Consolidated Credits... 12}% 

Co-operative Bank *12}% 

Corinthian Secs. 12}% 

The Cyprus Popular Bk. 12}% 

Duncan Lawrie 12}% 

Eagil Trust 121% 

E.T. Trust 12}% 

Exeter Trust Ltd. 13}% 

First Nat. Fin. Corp...'. 15 % 
First Nat Secs. Ltd.... 15 % 
Robert Fraser Iff % 


Grindlays Bank tl2}% 

■ Guinness Mahon 12}% 

■ HambrosBank 12}% 

Hargrave Secs. Ltd. ... 12i% 
Heritable A Gen. Trust 12}% 

■ Hill Samuel §12}% 

C. Hoare-& Co tl2}% 

Hongkong. &• Shanghai 13}% 
Kingsndrlh Trust Ltd, 14 % 

■ Knowsley & Co. Ltd IS % 

Lloyds Bank 12}% 

Malitohalt Limited ... 12}% 
Edward Mansoh & Co. 13}% 
Midland Bank 12}% 

■ Samuel Montagu 12}% 

■ Morgan Grenfell 13}% 

National Westminster 13l% 
Norwich General Trust 13}% 

P. S. Refson & Co 12}% 

Roxburghe Guarantee 13 % 

Slavenburg's Bank 12}% 

Standard Chartered ...{|ZS}% 

Trade Dev. Bank • 12}% 

Trustee Savings Batric X2}% 

TCB 12}% 

XiDited Bank of Kuwait 12}% 

Volkskas Inti. Ltd 12}% 

'Whiteaway Laidiaw ... 1.3 % 

Williams & Glyn's 121% 

Wintrusc Secs. Ltd. ... 12}% 

' Yorkshire Bank 12}% 

■ Msmbars'of the Acupting Housei 
CommlRM, 

* 7-day deposiM 1.inonth 

9.75.*.;, Shprt term £8,000^'t2 
monih 12.1'il, 

t 7-day deposns on sums ol: under 
£10,000 £10.000 up to 

£50.000 lO^r.- £50.000 and ever 
11*A. 

t Cali deposits £1,000 ind evar 
9>>%. 

i| 21-day deposits ever £1.000 1Q)i%. 

S Demand deposits 9>:*4. 

1 Mertgege baes rate. 


Lch 


The annual report for the year 1 981 of 

Leveraged Capital 
Holdings N.V. 

has been, published and may be obtamed fiom 
PIERSON, HELDRING & PIERSON N.V. 
Amsterdam. 


A good year for the company 


Full order books 


Good utilisation of capacity 


BAUNCB SHEET AS OF 31ST DECEMBER, I98Z 


A6ST8 


ASsflBca I UABO-rriES 


I .FIXED ASSETS 
Pfaydcalatsen 
Ttau^j 


2. CURRENT ASSETS 
Sladi aod pRuaynati 
CDisni-aMt tecDritks 
Qwwnwfwrwabki 
BUbrecrlnUe^ 
tiqeidawa 
Other nembbs 


31S 

107 

423 


ASO 

SO 

am 

40 

69 

g 

3438 


3.761 


ASndUQB 


1. SHARE CAPITAL 100 

PRESERVES 

3. BEVALUAT10NftES.ti: 21 

4. PROV.f.EXP. 

RESVABLES 8123 

5. PROV. r. SEV. PAYMBOS 
aod PENSION RES. 221 

6. SPECIAL PURPOSE RES. 774 

7. UABUJT1ES 
PiQiavBKflCs Rcdved 1433 
UMitatea9f6ets 257 
Shen, aKd-aidJeiig 

twin loani 351 

OibcrMUWci la 

. 

S. trKK nn£ tad. pnSt b/f, 4 
3.751 


PROFIT AND LOSS ACCOUNT FOR I98L 


BXPENDnUBE 


ASnaBen 1 EARNINGS 


EatfamatcQat 

Dwiedaiioa 

Tim tad 
nenbaiUp ta 
TtaiHhr to prowWim for 
export Kcrinbfekii'il 
Pn£tM.prafiibri. 


1JB3 

76 

53 


.20 


149 


ASasnoB 


OnuBirpha ' 
buaeSKceNed 
Banar^paryt 



lan 

112 

36 


1428: 


ANNUAL REPORT 
1981 

On 31st May, 1982 the vahie of 
orders on hand readied AS 8,500 
mUlioa, the highest levd ever in 
the history of the company. 
of these ordos were, for export 
custwimz. The company's output 
figures aereased by 304 in 1981. 

Ihe main emphasis of researdi 
and devdopment worts is on 
processes for the more efficknt 
utilisation of energy, recovery of 
raw mateiiab and the iQliitiaB of 
problmns itiating' to 
mtvirooDKiital pEoteetion. 


PRODUCTION RANGE 
Tbemisl ud Power Engiiieeiiiv 
Tnditstrial Plant and 
MeehBtieal . 

Stnctural Stee l woik 
Eiecdoi Work 


WMNEII-BiROfY 

MCKEEUSOvar ' ^ 


HEAD OFFICE AND VIENNA PLAND Stadloer SimsM S4, A-IOl Vksna. Td. At-rm ^ zaii 
GRAZ PLANT: A-WttI Orar. Waagnec-Biro-Stracse 98. Td «0l n 





Finahdai Times Thursday July -8 1982 

: F.rmvriS 


INTERNATIONAL COMPANIES and FINAN CE 


oMndustrial production, manuf 

^ -SSr .®5S- Ret«l Unem- 

1981 ■’ ^ordor -voi; iwlue*: plo^- Vatt. 


1981 

Istqth 

2ndqtr. 


99.T 88j9 

99.3 89JL 


98 10«i 130.8 2,382 100 

92 104.T 134J5 . 2^ . 89 




4th qlr. 
Nov 
JDee 
1982 
Istqtr. 

' Jun 
Fob 
Mardi 
April 
May 
June 


1D0.6' 89.9 

100.3 89.9 

99.9 88.8 

1001'.- "89J 
99.8 883 


89 105.4 • 1683 . 2»7S2 IM 

93 105.6 ' ‘ 158.4 2.760 ' ' 104 

81 1043 193.1 2,769 108 

96 1063 1413 . 3317 lU 

91 107.0 1433 2312 ' 112 


TAfti MA «ir *''*•*' *« 

imI' Sl^l' 106.1 1373 2318 113 


1003 90.0 

lOLO 89,7 


95 1063 1423 2,882 111 

1053 1463 2,850 110 

105.8 145.4 2372 107 

2311 105 


»et^ consumer goods. Investment goods^ 
6004s (mrt erials and fuels); engineering ouizmt, 
Teztiles. leather and dt&g (lSs=100>! 
nousmg starts- (QOC^ monthly average). * ' ' 

Coi^« InvA latmd. Eng. Me^ TesHle Eonsg. 

1981 6®^^ goods goods output TnnTg etc. starts* 

oSrfSi; Sf H*5 ^®-8 ^63 IIJ. 

Si Si ’ 65^ 783 753 143 

SSSJ^' Si S-* 663 773 753 143 

Si Si 623 753 113 

S-2 Si 673 84.0 783 133 

t? 2J Si S-® 66® 82.6 76.0 13.9 

^«82 ”'® 

1st qtt*. . 9L6 923 1194 87.8 803 73.5 14.9 

Si iii ^® 873 813 .733 113 

J??L: S-2 6®^ 68.0' 83.0 74.0- 153 

Mar* ^0. _ 93.0. 1193. 893 773 733 173 

Aprit 923 933 1203 ' 87,0 823 73.0 173' 

May 183 

®®^Br-Indices of export and Import volume 
(1^=100); vi5Q)le ])tfasee;rCunent balance (£m); cdl Hafawoo 
(£m); terms of trade' (1975=100); exchange resenes. 


733 113 




Export 

Import 

Visible 

Current 

Ofl 

Tenns 

Resv. 


1980 

vouune 

voesnq balance 

'balance balance 

trade US8bn* 


4th qtr. 
1981 

'1263 

m.4 

'+1365 

+2,114 

+222 

1053 

2730 


' dth'qtr. 

1323 

1263 

+482 

+1357 

+698 

993 

2336 

S' 

Aprs.' 

^ 127 J 

104.7 

+700 

+1,055 

+299 

1033 

2837 

•C ■ 


12K8 

•128.2 

- :+ 58 

+271 - 

+291 

993 

S3.79 

■i • 

Obt 

1363 

1223 

+396 

+688 

+ 74 

98.9 

2332 

r» 

’ Nov 

129.7 

1363 

-229 

+ 63 

+205 

lOOJL 

23.46 

O' 

Dec - 
1982 


^6 

.-h315 

+606 

+419 

1003 

2335 

•i 

1st qtr 

1253 

1ZS.1 

+224 

+553 

+652 

101.0 

183? 

g 

Jan 

1183 

1233 

■^152 

- 42 

+168 

1013 

2333 


Feb 

1243 

120.6 

+154 

+264 

+270 

100.6 

23.37 


March 

1323 

1253 

+222 

+331 

+214 

1013 

1837 

1 *■ 
f 

1 

.April 

May 

June 

134.6 

1303 

+196 

+346 

+419 

1013 

1836 

1732 

17;70 


Trade dgm* for M^August 1981 not avaOable because of 
. (3vU Service dispute. 


FlNANClAL-^Ioney supply Ml and sterling M3, bank advances 
in stexiing to tiie private sector (three months' growth at annual 
rate); domestic oedt expans£(m (£m); hnilding sodetieS* net 
inflow; HP. new credit; all seasonally adjusted. T^nnlmum 
lendta^ rate (end paiod). 

Bank 


1 

Ml^ 

M3 

advances DCE 

BS 

HP 

MT.B 

1 ' 1981 

% 

-» 

% int 

Inflow lending 

% 

i - Istqtr. 

63 

83 

ll4 +U08 

1,081 

. 1345 

12 

‘ 2nd qtr. 

233 

173 

63 +4,036 

. 1,103 

1384 

12 

: 9rdqtr. 

8J. 

18.1 

• 29.7 . +6,031 

868 

2,057 

— 

: 4th qtr. 



+2,365 

422 

2,081 

•M. 

Sept - 

9.7 

223 

343 +2.622 

334 

713 

— 

j Oct 

- 4.7 

203 

243 +1,423 

154 

690 


Nov 

7.6 

273 

2TL4 .+ 460 

65 

684 


. Dec 


. , 

+ 480 

203 

707 

mm 

1982' 





, - . 


Istqtr., 

Jen 

Feb 

TUf>wb 

April 

May 



mmk 
+++++ + 

967 

356 

347 

264 

437 

478 

2.1S? V 
665 
698 
794 
728 
709 



Tosbiba earimgs fall 
12% despite strimg 
rise in group tumoTer 


INFIAXlON^Indiees . earnings (Jan 19^=100); bade 
materials and ^fnelA wholesale prices of. manufaemred products 
(19^=100); retail prices and food prices (1974=100); FT 
commodity index (July 108=100); trade weighted value of 
sterling (1975=100). 


1981 

Earn- 

ings* 

metis.* 

Whsale. 

mafg.* 

RPI* 

FT* 

Foods* comdty. Strlg. 

Istqtr. . 
findqtr. 

1953 

2133 

2123 

2803 

268.7 

26136 

10L4 

2023 

2253 

219.4 

2943 

2773 

248.07 

973 

3rd qtr. 

2093 

2353 

224.1 

299.1 

2783 

26033 

90.6 

4th qtr. 

2143 - 

2373 

2293 

3063 

2853 

24837 

89.7 

Nov . 

2143 

2363 

229.4 

3063 

2853 

245.79 

9(L1 

Dec 

219a 

2263 

2303 

308.8 

2883 

24837 

903 

1983 
1st qtr. 

2163 

2383 

2343 

3113 

297.7 

24330 

91JL 

2ad- qtf. 

Jan 

2143 

2393. 

2383 

2383 

2323 

3103 

296.1 

233.46 

25234 

903 

913 

Feb 

217.0 

2393 

234.4 

310.7 

2973 

24L77 

913 

March • 

219.7 - 

285.+ - 

2353 

313.4 

2993- 

24230 

903 

April 

219.7. 

236.7 

237.0 

319.7 

3023 

24634 

90.0 

May 

• 

2373 

2383 

322.0 

303.6 

23739 

893 

June 


242.7 

2393 



233A6 

91.1 


' Not seasonally adjusted. 


BAIOOWRAbU) iNVESlMB^ N.V. 

B% DU-Bonds of 1978^982 1 

. -PrivatePlabeinent- 

Re pa y m ent on August 15, 1982 

3B ctf the Bonds of the abcfva menBoned loan are tedewnable at 
par on At^ust 15. 198% pusuaiit to § 3 of'ttie Tenns and 
Condilionsof tte Loan. 

Bondsarepqnueat 

Conmiei*ank Ak fengosoBs c h alt, Ptankfurt/Maai 
md its branrit offices. 

The Bonds Shffii cease to bear Ma^ as par August 14, 1982. 

^ anffriiViTllhn wfrf e s re l^ f is 


Cui3oac>,Jidyl98Z 
BaitawRand UurestnMits N.V. 


BY OUR iqi«ANClAl. STAfF 

•TOSHIBA Corporation, 'Japan's 
second laitest maker of elec> 
tronic and electrical equipment 
has reported an 11.6 per cent 
decline in consolidated net 
profits for the . year ended 
March to Y4431bn ($173.&n). 
This was in contrast to the ? 

per cent ' rise is- parent com- 
pany net profits to Y47.9bn 
reported earlier. 

Three main factors con-- 
tributed to the fall in consoli- 
dated earnings, the company 
said. First, severe eompetiUMi 
"brought price cutting in semi- 
conductors, o£^ automation 
‘and audio-visual fields which in 
turn ' reduced margini^ , 

Sales of heavy ' electrical 
equipment rose 21 per cent to 
Y716.27bn to take a 31 per cent 
share of total sales. made 
it tile company’s larg^ pro-, 
duct category^' supplanting 
, home electiicid appliances 
sales of whkti rose 3 per cent 
to take a 30 per cent .*are of 
the total. 

Toshiba forecast a 20 per 
cent rise in net profits thig year 
on a 10 per cent rise in sales. 


Higher profits would come from 
cost cutting and rationalisation 
plus expansion of its elec- 
tronics sector. 

Second, mazgins 'were redneed 
on expo^ of heavy electrical 
equipment heceuse of **unAie 
cmnpetition.** partkulaziy fzmn 
Enitmean and 77onti American 
manufactuxexB suffering from 
weak . domestie -mskets. 

Third, poor ctoand. cat the 
ptFofiits of most of ToshSka's oon- 
alidated sdbsidiariee. . . 

Totai. consolidated sales rose 
12 per cent to Y2344ba 
($93bn) compared willt a IS 
per.cent rise in parent company 
sales to Yl,747bn. 

• Nippon Oil, JjQMm’s largest 
oil r*ner, has fc«*ast a net 
loss of more than Y20bn (978m) 
for the first half ending Septen- 
ber. It cited a riiarper than 
expected d^nreriation of the yen 
agrittst the dollar and"slug^sh 
domestic demand for petirolenm 
products. 

■It reported • a deficit of 
Y12.93bn for tiie first half of last 
year but went on to report a net 
profit of Y17.32bn for the full 
yemr. 


Savona lifts 

stake 

inGrac^ 

By Mldael Thompson-Noei in. 
^■dficy 

the SIRUGGLE for. control of 
Gtrace Biutimrs, tbq .AuqtraUan 
ret^er,' remmneij deadlocked 
ye^tmilay, Ifaongh Savpna — 
thought to be a wlfite knSgbt— 
has raised its stake in tiie past 
.fife das% to around 18.7 per cent 
from 183 per cent.. Savona 
xeiHwsaits the interests of Tan 
Sri Khoo Tedc Puat, the Singa- 
pore hotelier and developer. 

WobhvortiiB, whidi last week 
Md .A9196m (U.S.g200m) for 
Grace Brothers, has 8 per cent 
of the stiaies. The company is 
unrelated to F. W. 'Woolworth 
In what has developed into a- 
six-sided hatUe, the Grace 
family interests— 4neludiag the 
' Grace pension fund — control 
almut 22 per cent of the shares. 

. Otiier. stakes' are held by 
' Wattons Bond (20 per cent), the 
Adiriaide Steamship (Timpany 
(20 per cent) and tiie tVestfield 
Property group (4 per cent). 

. On Tuesday, the National 
Ckunpanips and Securities Com- 
mission said it proposed to take 
no action follovting an investiga- 
.tton of the recent hectic dealing 
in Grace Braihers* ibares. ' 

Bond CSorporation Holdings, 
the Waltons Bond parent, and 
■Adsteam, are currently reriew- 
iogtiieir op1ibii& • 


Dow stops investment in 
row on Korean venture 


BY OUR FINANCUL STAI^ 

•DOW CHEMICAL wiU -invest no 
more money -in South Korea- until 
a-long-runoing dispute over its 
-losemakiug joint venture there 
is resoiv^ Mr Robert Lundeen, 
ehaixmen. of the major ' U.s. 
tOiPiftiMi company, said . in 
Tokyo. 

“I woifid advise investors who 
baveait 'already invested in- 
Soutii Korea that they ought to 
consider the 'rituation veiy 
carefully,'’- he added. Dow is .the 
largest corporate foreign in- 
vestor in tile country. 

Dow has a 50 per. cent stake, 
representing a $120m equity in- 
vestment is Korea -Pacific 


Chemical Corporation. Its part- 
ner is Korea Pacific Chemical 
Holding Company, which has 
some ' 2,000 investors. 

Eadi pariner appoints four 

directors to the KPCC board. 
KPCH’s appointees are nom- 
inated by the Seoul Government 
and all four bold management 
position. Dow says tiie four, two 
of whom are retired army 
generals, lack business ex- 
perience and constantly fi^t 
with local Dow managment. 

Dow believes these frictions 
are partly to blame for tbe 
$18m of losses KPCC has run 
u|) in tbe past two years. This 


HK deal for Bear, Steams 


SHUN. LOONG (HOLDINGS) 

. (SLH) said it will set up a 
joint venture for securities and 
commodities brokerage -with 
Bjear, Stearns, the U.S. broker- 
age house, Reuter reports from 
Hong Kong. 

The hew company, which will 
be in equal pardiership and is 
scheduled to start operation in 
August, will be based in Hong 
Kong and will allow each com- 
pany to make use of the other’s 
operations in the Far-East, with 


tbe exception of Japan. 

SLH will be in charge of the 
Far East brokerage business of 
the new firm, while Bear, 
Yearns will handle U3. securi- 
ties and commodities business. 

Bear, Steams was a partner 
with Sun- Hung Kai Securities 
in a joint brokerage venture. 
Sun Hung Kai Bear. Steams 
(U.S. Securities).. This is being 
dissolved following SHRS* joint 
venture with Merrill lynch 
announced on Monday. 


in turn has adversely affected 
Dow Chemical Korea. Dow's^ 100 
per cent owned local subsidiary. 
DCK, in which Dow has in- 
vested $100m, sells virtually aJl 
its products to KPCC. DCK has 
reported losses totalling $42m 
for the past two years. 

Dow said it wants lo merge 
DCK and I^CC, rationalise 
overlam>iTig activities and dis- 
miss the four locally appointed 
KPCC directors. These indude 
Mr S. C, Paik, president of 
KPCC. 

KPCH, the Korean partner in 
KPCC. saj's Dow is using' the 
complaints as a way to win con- 
trol of the joint venture. Under 
the merger plan Dow has pro- 
posed that KPCITs stake in the 
merged company would be 
30 per cent. 

Dow, which has filed a suit 
against its Korean partners, 
wants to achieve a "reasonable 
solution," Ur Lundeen said in 
Tokyo. The dispute has lasted 
IS months so far. 

The four Korean appointed 
directors failed to attend a 
KPCC board meeting last week, 
Dow said. 

KPCC was set up in 1969 and 
was profitable for its first 10 
years. It makes a variety of 
petrochemical products 


A FiHpino-Chinese tycoon takes on the: Philippines’ monopoly brewer. Emilia Tagaza reports 

Fight breaks out in San Miguel’s beer garden 


SAN MIGUEL Corporation’s 
92-year monopoly of the 
Philippine’s- beer market is 
under, .titreat. Tbe . intruder is 
Asia Brewery, badted by one 
of the connt^s largest com- 
mercial banks and by the 
influential Chinese eonummity. 
It has penetrated the market 
to such an extent that the. use 
in -the bars of Manila of •“ San 
Mig” as the generic term for 
beer is fading. 

San Miguel ' '. efijoyed an 
average growth of 12 per cent 
a year between 1973 and 1979, 
reaching a peak at the end of 
the pmod of 1.56m gallons. 
By 1981, demand had dnqiped 


Mr Lneio Tan; the FiHpino-Chfnese tycoon, who is mounting 
Asia -Brewery^ challenge to tbe conntzy’s larg^ conglomerate, 
is an enigmatic figure. ‘Big business wmiscie awA itnirg with 
President Bbreos’s circle has invoked the awe of- competitors 
and 

A hl^ school droponf^ tte 49^eanold Hr Thn’s rise from 
an impoverished street dilBrette sdler to master. of business 
interests averaging annual sales of g37Sm has astonished 
ManOafs coninninitya 

Asia Brewery is the newest member of Hr Tan*s empire, 
whldi includes Allied Bank — > the Philipphie’s second latest 
private commercial bank — and Fortune Tobacco,, whose wide- 


spread sales network has brought control of 80 per cent of fhe 
cigarette industry. 

Businessmen in Manila believe that Hr Tan reflects the 
interest of President Marcos and bis wife, Imelda. It is true 
tt^ Mr Tan’s meteoric rise was baekeid by the eonple^ but he 
is also backed 'by acute business sense and shrei^ rhin^cA 
tactics. 

achievement is shown in Allied Rawifing , of which he is 
chairman, becoming the biggest private <»ftTHTWAr ria| h»n'y jQ 
1980. jnst two years after it started' operating. Since then it 
has been the second largest next to tte Bank of Philippine 
Islands (BPI), the countzy’s oldest iMnk control!^ by Ayala 
CoiporatiOD— a close business ally of San MigueL 


Wow to San Miguers sales. 
Beer Btousen. Asia Brewery's 


mg sector. 

San Miguel's pre^t dropped 




co« San Miguel is reacting 

'^th an advertising barrage 
fif*TB79 thrown the two com- 

panies into a fierce battle. In 
brewery to serve the northern market a 10 ner 

PhiUppinei The plant is now 

operating below cap^ty.- particularly when bee 
San Miguel attributes the account for about 60 ] 
decline to two tectors; tbe San Miguel's income, 
lower real income of Filipinos San Miguel is a 
and the increases in tax on beer concern, also prodm 


reacting Soriano Jnr, the company's 
barrage riiief executive officer, blames 
wo com- the decline on demand for 
ittle. In beer. 

10 To meet Asia Brewery's 

'ate^e, launch of Beer Hausem -San 


particularly when beer earnings Miguel introduced a ned brand, 
account for about 60 percent of Gold Ea;^e, on wbicb It spent 


San Miguel is a ffiversified 
concern, also produring many 


in 1980 and 1981. Ihe -arrival of food products, and it controls 
Beer Hausen will deal a fUitter the country's industrial packag- 


S13m in two' months! Since 
tten, San Miguel has launched 
an onslaught ui advertisi^ 
campaigns, promoting its main 


nuiRala 

MURATA MANUFACrrURING COMPANY, LTD. 
Nagaokalqro, Japan 

DM 40,000,000' 3 1/2 % Convertible Bearer Bonds 
of1978/1986. 

•— Secuiity Index No. 4^540 

Call for RedemiAion on September 21, 1982 

In acoordance with § 4 <2) of the Terms of Issue notice is her^ 9 ven 
that aO outstanefing oonvertiUe bonds of ttie above issue unbe re- 
deemed prerremr^ at par on September 21, 1982. 


the country's industrial packag- brand-Mhe San Miguel Pale 
■■■ Pilsen— but also Gold Eagle 

and two other minor 'beer pro- 
ducts with the object of pr> 
tectisg its pale Filsen against 
the more expensive Beer 
Hausen, which is a Filsner-type 
brew with a higher content of 
alcoiwL 

Asia Breweiy^e advertising 
budget is not as huge as San 
Mitel’s but 'it is-.-ptening its 
hopK on -its marketing strategy. 


which exploits the CUunese con- 
nection. 

the manager of a restaurant 
in Chinatown said that Mr Lucio 
Tan, Asia Brewery’s president 
personally appproached some of 
the estabUshments for support. 
The manager said, "We are 
now convinced that the time is 
ripe for a second brand in the 
market.” He added that when 
Beer Hausen was launched in 
Januaiy his sales averaged five 
cases (of 24 bottles each) a 
week: the average is now 15 
cases a week. 

Mr Tan's strong financial 
background makes Philippine 
beer drinkers wonder if Asia 
Brewery wii be able to maintain 
the pace of its current sales, or 
whether it will suffer the same 
fate of companies that have 
chalenged San Miguel’s 
supremacy in the past. 

San Miguel was first intro- 
duced in the 'Philippines in 
l^^by -La F^rica-de Ceryeza. 
de Sah Miguel, South-East 


Asia’s first brewery. From, a 
mere 500 barrels' a year of 
Manila beer. La Fabrica has 
evolved into the country’s 
largest corporation, producing 
40 other products. It also 
operates nine other breweries 
in Spain. Hong Kong, Indonesia 
and Papua New Guinea. 

San Miguei has dealt ruth- 
lessly with previous com- 
petitors. Some were bought out 
by San Miguel. Some went 
under. 

Since 1947, San Miguel has 
been the country’s only brewer, 
proteted in part by a govern- 
ment ruling that beer brewing 
was an ‘^overrowded indostr)’." 
A strong indication of Mr 'Tan’s 
influence was the Board of 
Investment’s decision in 1979 to 
take beer off the list of over- 
crowded industries and to 
approve Mr Tan's application to 
to set up -a second brewery. 

Asia Brewery’s 818.5m plant 
- waa -.inaugurated - in tbe pre-' 
' sence of President Marcos and 


his wife. Imelda. A glass fac- 
tory is being built at Mr Tan's 
. 495-acre complex 31 miles south 
' of Manila. 

San Miguel has a monopoly 
of the glass and bottle industry, 
so Asia Brewery must import 
all its bottle requirements until 
its own factory is in operation 
next year. 

Mr Tan plans to raise the 
brewery’s capacity from 11m 
gallons a year to 22m gallons. 

Mr Tan does not now seek a 
full-scale beer vrar with San 
Miguel: “ Our main intention is 
to earn profits, anfi to grre 
Filipinos a wider choice of beer 
products.” 

Asia Brewery, however, is at 
a disadvantage in tiie battle for 
the provinces. San Miguel has 
additional breweries strategic- 
ally located to serve tiie 
northernmost and southernmost 
provinces, but Asia Brewery has 
only Its Manila plant Beer 
Hausen is now sold in certain' 
provinces in tbe northern and 
central regions but Asia 
Brewery has to subsidise the 
cost of transport 

Some bankers harbour doubts 
on Asia Brewery’s long-term 
standing. When the company 
approached the Hong Kong 
loan syndication market last 
year for a $60m loan, some 
banks refused ' to have a part 

•Asia Brewery inroads on the 
market may be upset by tte 
recent increase in tte tax on 
locally produced beer and 
liquor, .which is expected to 
weaken tte market 


in accordance with § 9 (1 ) of the Ihrms of Issue tho GORveition right 
may only he etcercised unal September 1 1 , 1982. 

The convertSile bonds oirisfanduw and due for repeyment «dl be re- 
deemed at par on September 21 , 1982 upon preserdaSon of the bond 
ceiWeatee together wMi an unmriurediniorost coupons 

a) in the Federal RepubTic of Germany inchjdirQBerSn(WesO at 
BayerisoheVefeinsbanlcAktierBe s eflschaft, Munich 
Bwlnier Haridels- uiid Fiankhster BaniL' Frarridurtam Main 
Noimra Eisppe GmW, Frankfurt am Mw 

VOrehia- und westbank Alcliengesellschaft, Hambuig 
and Oidr branches, 

b) oulsideOie Federal RepubficofGermanyat 
Nomura Europe N.V., Amsterdam 

Robert Flemlrig& Co. Urnited,Loridon - ' 

Soti4t0 GOnerale, Parie 
Schweizeriseher Bankveratn, Basle 



31 St JULY 1 982 REDEM PTiON 

TRANSALPINE FINANCE HOLDINGS S A 

U.S. $20,000,000 6%%Loan 1985 

REDEMPTION OF BONDS 

Transalpine Finance Holdings S.A. announces that for the redemption period ending on 81st July 1982 it has purchased and 
cftnfApftrt bonds of the above Loan for U.S. S325.000 nominal capital and tendered them to the nnstee. 

Thenozninal amount of bonds to be drawn forredemptlon at par bn 31st July 1982 to satisfy the Company's cmi'ent redemption 

ftWIga.'hifm ifta pco^Ti g l y -TT R ssasn.nnfla.'nri t.hi=. -nf>miTifl 1 fl.rrtfmTtt.fif.tTiisTrfMt.'n T»Pm5i.imng-nntAtAmIiT>gafh^aigt-..TTi1y lOaStcilt hftlT R 

33350300. 

DRAWING OF BONDS 

Notice Is accordingly hereby gi\'en that a drawing of bonds of the above Loan took place on 22nd June 1982 attended by Mr.Kei tli 
Francis Croft Baker ofthe firm of John 'Venn A' Sons, Notary Public, when 850boDdsforatotalofU.S.$850,000nominalcapitalwei'e 
par on 3Isc July 1982, &‘om which date all Interest theivon will cease. 

ThefoUowingare the numbers of the bonds difiwn: 


barlow rand INVESIMDJIS N.V. 

8% DNhBoncis of 1978A19B2 R 

^PiNatePliiramant- 

R^ymanton September 15, 1982 

AarfftaBmtbcfttBabora mentioned torn are redgeff^ 


nroitSepinnoBrib, 

OMdUomrtAeLDn. 


BondeerepeyiMoM 



a 


The Siam Commercial Bank^ Ltd. 

LondoaBiancb. 

u,s.$ 2 ayooppoo 

NegMid>leFloa^KateCeztifkatesofDeposicduel9S5 

Tw .i.iw h ,w irf.«h»pi>ii ri dQMQftheghnBeQ Mia‘iea Mt.i>caBeI» 

lieteliygiveB tfaae fix dK 6 mondu nsn Sdijnlp 1982 s 10 th 
Jamary, 1983 ( 1 S 6 days), the Ce niftLa tea will naym in t o Bg n t e of 
peratmum. 

The miowi payable oa the next intara ra^ncet dar. jCiajonidiy, 

1 % 3 , iai^(ofeKhL'S$ 50 S, 0 »Cknifiaue. «i 0 bBL' 334 : J 4 S 33 . 


AgencBiriu 



^UoydsB^ 

^lotematkxiial 


Tii/nes^; K. F. C. Baker. Notaiy Public. 

Thealxn'e bonds may be presented for paymeutof The praceeds of rad emptionat par on or after 3lEt July 1932at tte offices of the 
payingagents nam^ on the coupons in the m.-iuner specified in Condition 3 of the I^itus und Conditions of the Loan printed on the 
bonds. Eachof these bonds when presented foi* redemption must bear the coupon dated 31st July 18^ and all snijsequent coupons, 
otheririsa theamount of the missing coupons will be Ueductedfrom the principal to be repaid. 

Principal Paying Agent: N. M. Rothschild 8i Sons limited. New Court, St. Sw'ithin*sLane. London EC4P4DU. SihJUi'jlQ82 




28 


Financial Times. Thursday July S1982 



ADcountant 

Union. 


Qardi^ 

C02500 


The Union represents affiliated Sngby Union 
Clntis thioughoutWaies, providing 
administratis technical and coaching 
services, it also operates the National 
Ground at Cardiff Arms Farl^ receiving 
revenue ficom intenuulonal and touring 
matches played there. 

Bepoxting to the Secretary and Chief 
Ezecuttvi^ responsibilities indnde 
flrmnntipg ^ systems development dam 
processing and an important role in the 
management of the Union's Owanrigi 
operations. ' 

Cgndififltffi Biiist be qualified acconnmn^ 


prohabfy Chartered, with fingncia! acnmen 
andarecord ofsnccessiaaconunerdd 
environment A commitment to the long-term 
interests of the Union is Mspntigl- 

Flease reply to Dnncan MacDonald, in strict 
confidence, vrith details of ag^ career and 
salary progression, edncation and 
qualification^ and quoting reference 
lOSO/FT ion both envelope and letter. 

luattB 

HaskiiB^Sells 

Management Consultants 

128 Queen Victoria Stre^ London EC4P4JX 


A leading film of solicitors se^ 

FINANCIAL CONTROLLER/ 
PARTNERSHIP SECRETARY 


London 


c.£20,000p.a. 


g Trmg aefaMigTied inidTtfg ^Tyiwspeeted legal praeKeaTOtfagggmpaTtnets.MOW-wishtoappemtafcpcBl^^ 

Thg f^n^ 7S^T^^mt)^f^^^^^''"g^^"i"^h0^'?9C0^^ P ”tariMHfiyBt^0faCXT"^"ti"g^^<^t»peT1aafn1d{pg aTldnnQ of^faa 
iniKal fiinrrinns of randiHate wiTT hfttngnsiirathaetfarKTTftintiTviTietionQfliheTiewsjrstems. 

TVi<g pnBhinw teasaan\BrQnavftfbmtfaefimandwinba™rwedaabemgoELthQsanmIewBlaaaPartiieEApplicaHoaBaia 

fTia willmgnass h-iimdaWaVftalltaslrB that the mkenccmpasses.PiBgiQnsai{p eriBnf» masimilarf nnetiim.wW^ 

Ttisernrisag^tbatlhiBa ppnintmRn tVirillbaofpartigilarappealtomenmwpmeaiefgerthflagaof 4 Q. 

7nfhofil^crf^^rtrfaT^f^^^luTittawappTl^ffati^t^gBhfM1Hlnesam^^nRie8baw^WrHnTlaTlPg&atrHT^IJ^ndrmal^^dl1ess<pIn^^t^ 

aitlfgmweaMQ. 3205. 


41 0 Strand, London WC2R ONS. Tel: 01-836 9501 
26 West Nile Street, Glasgow G1 2PF. Tel: 041-226 3101 
3 Coates Place, Edinburgh EH3 7AA. Tel: 031-225 7744 


Douglas UambtasAssodsles limited 
Aasunion^fi Management 
RecfxritmeMCenBAonIs 



MANAGERS 

Leading opportunities on the 
leading edge of 
technology 

Tin^ is finnly esiablished as one cf the 
most acNarK:ed and piTigiesshre ofgarusations 
its lurid and is a world leader Ln a number d 
jxoduct ranges. Based on Tayade and engaged 
in highvolume manufacturing, we have now 
achieved rapid market success vrith uh^e 
hightschnolo^ cmsumer products. SgnSic^ 
bufiiriess dev’dopri^t has created opportunite 
for qualified Fonandal Man^ers/Acomintants to 
put a leading edge thar caieec 

FiriANCE MANAGER - 

Marketing 

lockage: c £14 K + Car 

This is a key postion for a Rriaridal 
Manager an acute awareness of mariret 
forces and their relation to marketing, sales and 
maniiacturing programmes. The rde is 
effectively one of a strata^ and planner; 
interpreting existirig arid hitere rrvarket data arid 
their consequences on the cost, selling price and 
mbc of the company's product tenge. 

In iiasion with sal<^, marketing aid 
manufacturing management you will participate 
in the planning of pridng ppjic'iesand sales 
fotecasti^, geared to optimising prodiK^ 
profitabilrty; A degree arra/or an appropriate 
account^ qualKcation is requirra togetii^ vrith 
experience in evakiating price, volume and cost 
relationshjps. 



Odier apprailiriiui its current awaHaiUeiridude: 

MANAGER — Financial, 
and Cost Accounting c £12 ! 

CREDIT CONTROL 
MANAGER c£10K+ 

These opportunities reflect the dyriamic 
situatiai atTlriiexarid are an ititegial partof our 
busiriess developrnerit ptogiarnrne. 
Comp^ensive em^cym^ packages^ 
indudingte-locatkxiexperisesvriiere . 
appiopfi^.v^ be provided together 
salaries which be riexiotiatte 
qualifications and exp^ience. 

i^plicants, male or female, should write 
vrith foil petsorial arid career deteiis, dearly 
steting the position for whidi you wish to 
appl>;to: 

RoyCedL . 

Compensation and Ben^ts Maiieger — UK, 
Timex Corpor a tion. 

Hanison Road, Dundee. Teh OSa^SlSZlL 


TIMEX 

ahead of its time. 


onlayside 


Financial Accoimting 
Manager 

West End of London c £16,000 

The Company is engaged in the distribution o£ East-moving food products 
throu];di nationwide outlets in the United Kngdom. Annual turnover is in excess of 
£100 and operations are organised on a profit centre basis and mamgpd 1^ 
established cost control systems. 

Following reoigmisation vitlMn the Acanmting Department^ this pnatinn hqfi . 
been created to further improve efiectiveness. The m an ager will r^xirt to the C h i ef 

Financial Officer and act as his deputy. He, or she, will be responsible all finanriai 
reporting, consolidated accounts, taxation, treasury matters and the ai^kationof 
sv-stems and methods \Tithin the finanriai area of tt^ subsidiary of a major 
international corporation. 

Candidates must be chartered or certified aca Mm Uti As who can dearly 
demnngrrate iniriativp and Ipadership Thoy n-nicf haw ro ff»nr marngmal 

experience of all aspects offinandalaccquntingandccnpiter based systems. Itis 
. nniflr^ that anyTmeimifer the age of 30 wifi have sufficient espeiieflce for tills 

poatkxL ' 

The salary fe itegotiable, accotding to esperisice. The beie^ 
coi^ibutory pensfon s^eme, hee fife assurance and private medical ravec. 

This appdntment is being handled by the Chief Financial Officer. Please write 
in confidence, giving concise career and personal details, and listing separately az^ 
<K>mpames to whom your applkatba should not be ibrwaided, to Jr^ M PdlodL 


MS 


LONSDAI£ ADVERTISING SERVICES 
HeskethHouse, PartmanSqii^ London TV1H9FG 


FINANCIAL 

CONTROLLER 

A rapidly expanding eiectronia 
company seeks a qualified 
accountant to be responsible for 
financial planning and control, 
management accounts, and con- 
tract negotiations. The company 
has developing operations In 
Europe and the USA. Group 
sales are around £1 million p.a. 
Write Box A7906 
Financial Times 
10 Cannon Street 
London EC4P 4BY 


HNANCIAf. AND 
ADMINISTRATION 
CONTROLLER 
(HATFIELD, HERTS) 

Small, but very active company 
group seeks a commercially 
experienced, qualified accoun- 
tant to join top management 
team. Our activities are advert 
cising. P.R. Printing and in 
eenjuneiion with our Swiss 
Associate company a rapidly 
developing direct sales and 
marketing operation, based in. 
Hatfield and Potters Bar. This is 
an - exciting opportunity , with 
excellent future prospects. 

Write in first merenee to; 

The Cheinnan 

D9INIS DOLLING LIMITED 
182 Greet North Read 
Hatfield, Herts AL9 5JN 


AGCOUNIANT 


c£20,000+car 


Centcal Sussex 


AnncoFinancialSenicesEurope, asubsidiaiy ofthe AimcoCotpwationj 
have a corporate responsibility for a group of companiM that are now weU 
established in the Banking, L^ising and Reinsurance markets. 

Wearenovymtoeprocessofestabhshingaslrategyfdrtoedwl^mratrf 
ourlife Company. The major thinstfetobetheestobli^entofadir^sales 

XV.;.... u.rUm^L'areaiiacortH tTiaccTnflrlcetinsacnvities»flndaseniort ftflTn 



We are now seeking to strengthen the financial expe^e ^ ^ 

development team.andtheirutialreqiurementisforsomeonewiththcabmtyto 

provide the finan riai input necessary for the development and irnpleinffita* 
tion of the mechanised systems and associated work tiow requ^ to service a 
modem Life Insurance Company. Subsequent to “start up, the success^ 
^ T^ riiriatft i 5 viu lake up the position of accountant and be re^onsible to the 
Finance Director & Actuary for the total range of accounting hmctiods within 
the business. 

Thisis,quitesimply,oneofthebestopporturiitiesw’ilhmthemdurtty^an 

flTTi hiti o ^js qnalifif d withapQod track record wthinthemdustty, to 

join a thoroughly professional team embarking on a new business vOTture 
within a worid wide corporation. To apply please send a full c.v. Sopffl*, 
Personnel & TVaming IVIanagcr, Annco Finanrial Semces Europe, nesUaicster 
House, Hariands Road, Haywards Heath, West Sussex^ RH16 ITD. 

ARMCO FINANCIAL SERVICES EUROPE 

A subsidiary of the Annco Corporation 


ARMCO 

V 






Finance Manager 


Oil exploration 


Formed wife substantial and institutionalbadd^ - 
client Is a UK pic whidi currently hdds interests in a numbo'of 
NorfeSeablocIteandwiUbeapwngforfurtiierlicten^ 
^hth Round. The new post or Finance Manageneports 
direct to fee Managing Director, and carries full responsibility 
for estabfisl^ng and rnanaging the finance and accounting 
funcfiOTL The recprranent IS for a qualified accountant, 
probably aged 27-33. wife broad experience of the financial 
control, treasuryandtaxplanning>includingPFrr plannlng- 
fonctiorifiwithinthedl industry. Asfeecornpanygrovvs, so will 
the size and scope of the job, and the Finance Manner will 
conbfoute to vrider marteg^ient a^iecls of the busiriess 


c£16,000 + car 

Which are Gkefy to indude an invoh/errient in expfoFation and 
pn^uction in the US. A startfeg salary of around £16,000 is 

antidpated, a caris su^ed, and fuhne particfoation fo eqitiV 

fo posfole. London W1 is the locaticxi. 

WiTte for an application form or send brief CV to fee address 
b^cf^quf^ing ref: AA41i^022IFT on t)Oth letter and 
envelope, and advising us of any other applications you have 
made to PA Personnel Services within the last twelve months, 
ffo de^ are cfivulged to dients vrifeout prior permisson. 
initial Interviews will be conducted by PA Consultants. Men 
aifo women may apply 


PA PersonnelServices 

Hyde 60a Kh^itsbridy,tcmrionSVVtX7|£Ta:0T-235 6060 Ife 




A mertibo'ciPA imemsSonsS 


Chief Accountant 
-Advertising 
c.£ 16 , 000 p.a.+car 

Weaze an adverh^aigagen£7Tra& 
eaxess cff £20 ntifiion. 

The duties of oim'G3ae£Aceoasi^ 

T TiTmTT^ nfF tTiP g^wiTrfrng rfrmpitiffnj 
XlT^UCtiOQ of Tnrtnfihly 5iTiri ariTmal afirfWTrrta; 

pre pa r a tion gfannnalpEofit and cashfogecaats; 
andtiieprotvisionoffinandal'dataaiidadvice 
toiheBoard.E:q)etienceofacQmpizt^^ 
accoantiDgopezatiouisesseatiaL 

Thepostvvouldbe attzactive to qoaEfi^ 

^wvgmfiantg T gitVi 

€spenence.T^pzefiEszedagezasge 3 s 25 ^ 5 w 
Flease seiod a ccnipzehensive caiw 
mclndrng salaiy hastcaj; to; 
iMmha^Kaye, 

Tdanag^ngZHneetiB; 

Shaips Advertismg 
32Gros vengr Crescenfc 
Londoai SW3X7DZ 


BROADSIDE 
NEEDS AN 
ACCOUNTANT 


BROADSIDE, a new all-women productiOD company, needs 
a qualified Accountant to start work as soon as 
on a current affairs series currently under development, to 
be commissioned for CBANNEL 4 for productios 
commencing October 19S2. 

The successful candidate (m/i) will assist the Producer, 
in formulating a detailed production ' budget and will be ' 
responsible for the preparation of reguar accounts and 
financial reports to the company and CHANNEL 4 as well 
as monitoring actual costs against the budget 


For /urfher details contact: 

JDDE ALLEN at BROADSIDE 
AKA Building 

fiO Fartingdon Road, London ECl 3SP 
Tel: m-251 3885 


Head of Finance 
and AdminKtiation 

— based nearNotdn^m 
£15,(W -£20^(XX) plus car 

The company has a UK turnover in excess of £40 mniion. This is a key 
position in the UK operation reporting to the UK R^jonal Dnectoc. 
yba will contribute your financial eaepertise to enhance the profitable 
deralcrpment of t!he business and hai^ executive respcmsibiUty for all 
■fiTiangg] and management accounting, sales administration and 
estonsive distribution operations. 

‘Sbu will'be a qualified accountant with a track record of gesDine 
management achievement in a relevant, similar rde. 

Tbe salary will be in die range £15 ,000 -£20,000 depending on 

•experience. A company car will be provided and a substantial cf 

^nge beoefits normdly associated with a major indusmal oimpax^, 
indudihg assismnrjt with relocatiim expenses wherfegjprftpriQtv*, 

Please tdl^hone ( 01 -^ 9 1844 at any time) orwrite— in confidence— in 
thefirstinstancefcmapersonalhist^foan.W.R.DaizeUzef.B. 1139 . 

nctqtfflanmassqpatBiwstDtfBWMa. 

UhltedKingdom Australasia Beneto 
Canada Franca Germany Ireland 
Italy Scandinavia SouthAfriea 
Switzerland U.SA. .... 

Nlanagement Sdection Limited 
International Management Consultants 
17 Stratton Street London W1X 6DB 


SpedolPie}ecls 

Itoo uh l a nt 

&£10^0+w Uxbridge, Middlesex 

^ an enginemng wmpany ^turnover £8/9 million) manufacturinfl high 
temnology ^ducla R«ponsibillty wili befbr management projects'such as fee 
installation of systems to co-ordinate nianagemenc 
' manuitoring and financial data or naw prpjeec 

ISw Accounter^preferably an ACMA, is required vtife experience iha 
sm^/medium manufoctonng company using computerised cost and manage^^ 
mentaocountingsyatems. Reporting to the Managing Directororhls Deputy,^ 
non-routinc appointment offers the opportunity to obtain a total oversight of 
operations. The benefits package includes company car and 5 weeb 

Applfeations m confidence to B. G. Luxton (Raf.8592). 


Nervyri Hucriies Grouip 

Garfield House, 8688 Edgware Road,tond(m W22EA 
Management Recruitment Consultants 




01-2583725 







; financial Tinaes Thursday jidy 8 1982 


alibis 


FinandaL ControUef 


aooomamSs 


to£1^000+car 


and dBKlopiag aadimpkiiKiitiiig effective 
controlsjstems. . ^ 

It^Eersannlqiie oppottnnilytobtoadeayonrexpedeiice 
ftnioagh sohdQg problems for tiride noge of indastrial, 
commercial andpiddic secbff dieats. Assignments ere 

wtied, (he aiviioiiment s fimiihttng ggtf fftp Tyiwfc- 

iDteOechialif chaUengin^ skills, technical and 

peisonal, wfll be stretched to ^ faP ami may 
widiid mnld-discipliiiaiy 


qpulified vrith a career in etther die poUic or piinfe' 
sectoi; 'iriiidi denionsttates snccess sad adtierasent 1K)Br 
ttsdcxecoid in problem soMng wfflliare been impressive^ 
yonr p^oticm r^id. Expedence (d compntedsed systeiu 
isreqdted. 

StartiiigsalsciesvviQImkafiUgni^loilS^andbeaefit^ 
may include a cu 

Ilease send in confidence M persond andcaceerdd^ 
to Geoffc^ Tbi^ quoting zefeteace 1084/£Z ^r london 
base) or 1085/n (for Birmingham bas^ 
on both letter and envelope. 


N.W. Surrey 
c£18,000 + car 


Iheovnpan/.asubsidiaiyoFaFbrtuneSOO 
corporaboHi manufacturBs and markets 
specialty chemicals and related equipmenL 
TurrKiver is around £16m.lhe success of 
the current job-holder has led to his 
promotion to the Eurco^ Head Office. Our 
diallenge is to locate nis successor. 

TTielob is to lead a high calibre finance 
function, providing information and analysis 
for line management, inaintainina effective 
controls and meeting tight deadlines. 
Beyond this there is a demand for 
substantisd involvement in the company’s 
decision making, reflecting theJtey nature of 
the position. 

. CandidatesmustbequaTified 
accountants in their mid 30's, with recent 


experience in a sizeable US manufactuiing 
and marketing company . They will be able 
to demonstrate success through academic 
and careerachievement Amature, posi^ 
and energetic personality is demanded to 
meet the requiremenis of management 

Please reply in confidence giving concise 
career and personal details and quoting 
Ref. ER548/FT to'I. D. Tomisson, Executive 
Selection. 

Arthur Young MeCIeiland Mowbs&COh 
M anagement Consultants, 

Rolls House, 7 Rolls Buildings^ 

Fetter Lane, London EC4A 1 NH. 


able to combine innovative with' sonnd first-hand 

e^edenc& 

iged 26-32, you mhst be agtadnate and profes^onalfy ' 





Haskln+Selis 

Management ConsuHants 

128 Queen VktoriaStneetr London EC4P4JX 


iLoiiui ui u iBii iiiiu ou e, wiu I leueiJL 

Arthur Young McClelland Moores & Co. 

AMEMBEROFAMSAirreUROPEAND ARiHURYbUNQ INTEFUMTIQNAL ~ 


■ ■■ ■ A %-.A?ja*saa 





TREASURYACCOUNTANT &£13K 
VVorld-e|IdB,:QpQi|eSng fntoiestB 
for a- Treewrer -10 bo reqjondblft'for hedging the 
Company against exchange rate variations. Tte role • 
domancts a background in accountancy enabling die 
oroduciion of aocurSte Idiecasts end continuous re- 
euakiatloa piis a' sound knoiMedge of foreign 
exchange. • OXON RWP/1055& 

6R0UPR0LE £10,000+Car 

A dM»se group vdth<q»S(ins cornpanies in ov^ 
countries is aaekit^ a nsiA^quallfied CA for its busy - 
Head Office. Responsbilities tnclu^ preparation of' 
monthly management accfluni& consoRdated U.K. and 
evnseas accownS',Bnd cash Sow. sistuiofy accounts 
arid Mthercon^xiterdavidopmenL 

C. LONDON VMIV1046B. 


GO-GETTER ' tdiCi4m4<jar 

The eutonomooV ''8Ubddiaiy-‘'‘af ‘-'S 
successful U.S. conx)istion need a 
stron^minded CIrirf Accountant to take a 
leacfmg role ftt a go-tfead ermronmeat 
Aged 26-30. tiaii^ in a U.S. company, 
with exceHent systems and management 
accounting ettposure you must aJso be 
able to communicate aflecdvefy at all 
lavds of management. ■ ' 

HANTS RWP/l'03tk 




. CAREER WITH COMPUTERS c£1%000+Car 

. An ergianding software house oRiBfsfiRt dess develop- 
' liient prospects to a quaBfted a ccewt a nt, aged 26-32. 
with previous computeo^electroirics experience.. Key 
responsibilities of this managemein accounting rede 
-include vbodgeiing. fcw ua bt i itg -and pIsniAig at 
cmnpany lavel, h addhion to conSdersble staff supervi- 
sion. MIDDX.VMQ/100ia 

A birds EYE VIEW. „ 1o£11,000+Car 

» . . be cditainsd from this centra! services function 

of a major U.IL- company viriih uiide tan^g bnetests. 
ITss wil enable you to successfully plan your next move 
with the groups 'Newly quaBfted ACA tom a go-Ni^ 
piaciieekxrktngforchaDBngeand career projects. 

N. LONDON RWP/1 029B. 


LEE HOUSE LONDON WALL, EC2. 01-606 6771 





ACCOUNTING, FINANCIAL AND BANKING IHl RECRUITMENT & SEARCH CONSULTANTS 


Young, Ambitious Accountant 
for International Audit 


£12,000— £15,000 + car 


TNs major international compEny manufactures and martets 
arange of consumer and inaustrial products, many of which 
ate household names. Each member of Its small aucBt team 
works with ahi^ degree of independence on asstenmenls 
irivoivfrig up to w per cerit travel in Europe and Amca. . 
Canddates, ideaDy in thar 2Ce, must have at least two yearsf 
posFr^tefftication expeiience, indudng supeirtoy 
responstoiBties, either in the profesdon or in indusby. 

. {^nvfiarityvnththeaudtotelargebudnessis.essi^rtial, as4s 
the ability to work without supervtdonarKl to communicate ' 
effectlve(y votiT atiievels of iTiariagernerit at group 


headquarters and in the substdiailes. Knowledge of European 
langu^es would be advantageous. BeridHs indude BUPA, 
and retocatton assistance if needed Location is vvest of 
London. 

WKte for an application form or send brief CVto the address 
below, quotmg ret AASSJSC^SIFTon boto foOerancf 
enve/ope, and advising us of any other applications you have 
inadetoPAFteisonnelServtces witointhelast twelve rnofiths.- 
No'detaSs are divulged to dients without prior peimission. 
Initial interviews win be conducted 1^ PA Consultants. 


Personnel Services 

Hyde Paric House, 60a Kn^tsbridgcv London SW1 X TIE 01 -235 6060 lefex: 27874 





A member oTM fintemafibnaf 



The Country's most successful Recruitment Service 

Accountant 


Director Potential 


to £15,000 + car 


This extremely profitable selling organisation is strengthening its senior management by 
appointingayoungdynamicaccountantBasedin Cheshire, itselisandhiresspeciallst plant 

and machinery throughout the United Kingdom and is the market leader. Candidates must 
possess a profit orientated outlook and be able to play a leading role in this rapidly 
expanding groupof companies’ business.activities.7lTe position providesarareopportunity 
■ for a practical, self motivated ambitious person to join an established international company 
which is aggressive and forthright In approach. Appointment to the Board after a suitable 
period, will carry additionai incentives and benefits. Removal expenses are available.. 

Telephone: 061-832 6631 (24 hr. service) quoting Bef: 2213/FT. fleecf Executive SelectiODj 
1 5 Piccadiily, Manchester, Ml 1LT. 

The abo^ vacancy Is open to both male and female candidates 


ACCOUNTANCY 

APPOINTMENTS 

APPEAR EVERY 

THUESDAY 


RATE £29.00 
PER SINGLE COLUMN 
CENTIMETRE 


tsaslfin ncfMiun 


London E.C.4. 


£12,000 


Our client is a well-known British Public Group (T/0 c. £100m), 
which is a recognised leader in the provision of a wide range of 
communication services. . 

Due to promotion, a qualified accountant aged 25-30 is required 
to join the Head Office finence team. He/she will assist the Group 
IVlanagement Accountant in the preparation of statutory and 
monthly group accounts,, the control of capital and expense budgets 
and group cash forecasts, together with a variety of special assign- 
ments as delegated by the finance Director. 

Candidates should have two years' post-qualification experience 
in a large professional firm or commercial organisation and have 
the potential to develop within an expanding group. 
Applications under Ref. No. RC 190 to : Miss Marion 
Williams, Extel Recruitment, 4 Bouverie Street,: London 
EC4Y8AB. Tel; 01-353 5272. 


riiiim 


Finazictal 


atr 

Onr cfint is K nSf 

Hm aftgflE 




to£15,000+C!ar. 


CudidfeteiOiidioi 

aaptetfacgyipe rian csa 


,M£.OL. 


5X41011 Tab Windacg 66233. 

Barnett Keel 

MANAj3EMENT SEARCH 


DEPUTY GROUP 
ACCOUNTANT 

LONDON W.1. 

We are a forward-looking properly pic witli an 
interesting new position for a qualified 
accountant with varied experience in property 
companies. 

Re^nsible to the Group Accountant the post 
calls for the ability to lead a team of accountants 
in all matters of accounts and management 
infonnatioiL Applicants ^uld send full 
details to: 

Box A.7901, Financial Times 
10, Cannon Street London EC4P 4BY 


Nerviin Hughes Jlppohifmeiils 

WnnmnnrHnDTi nTtmhrrnfTniTntr Affoiiiiliiiilii. mnln nrfrmilni 

fv portions onering salaries from £1Q,0W to £13^na Bon^ 
(rfcurreittasdgnmailsare: 

MANAGBfiE^^'AaX)U^^AOT 

P i^ aiiri ii gMMiifMtora Bq ^LOpdOD 

accounting MANAGBt ' 

AdwKflB h Bhdusfay OantmLondon 

SYSTEMS MANAGBt 

LabOBbiAstry Sony 

P&aosaiPtiXatiaa Central Lwidofi 

CHIEF ACCOUNTANT 

Iravdbidastiy ' London W1 

SPECIAL PROJECTS ACCOUNTANT 

IVghItadKiology AfidcBesee 


(Hj 


ftMulMtMfaf— rtKn BftaMaraftarAwaarappnfcifc 

mmts. or PMt^ Mttrastod 6i «9iering ibe raaksL 
AoiddTiheMWRn e rtri ap Lune faf further W bim e Ben 
to aCL »««»*»", Mecvyn H o Qh e e ftoun, Ma wge- 
BMnt TTei iiiiriiMnf C an i Mieim , GafiaM Hooic 86^ 
^wmRoKLLoDdoD VU22EA.1U: 01-2BS 3»S. 


Treasurer 

c, £16,000 + car 


Sony (DE) limited bas nowbemfzadinemtiite coimtry £ 
we haro binlt up a strikmgiy succbssM business, marl^ 
andfo and video eqo^mient. TuESOTer in excess of £200 ini 
intlm cnxxant'finmicialyear. 


IS confidently anfa'c^ted 


flnnHifnfag gnftiwi«T^ag laH frt ffrmfrnniTtgiHtpaTimnTi and -yp m«TinwrTf>r>Mtigfin ffg 

nevposidonofT^easnter. 

Eqnrdng to the Fmaxice Director, fhe lyeasnrerwillbeiespozifflble for cadi 


canlroLbaridng,pnrohase ledger and rdated functions. He or she will also be hi ^ Yedia 

f«rir amH capital gt^cfar^ plaTwiing -j panginn ■fimri towIt arwf iti finanffial 

studies. 

?he snccessfiil candidate win probaliiy be aged 28 to 36 and will be a mdoateChaTtered 

Amvmrrismfc. TTfl nr sha ■nrill haro gpenfc at least 3 year^ in a TneHfnmArJflrgft inrinafanal ntf 
wwmmar rifll wimpawy pnd will Vinw gmvf ff gHT i e nC ft ^ firtanrial plarming^ f»sigh 
Twamag ement mg fstr planning', togaf-Jiftr tbtS> a knm gleHgft of rrpdft «w>tm ] 

Sopervisoay eupetience in a toeasuEy eaviroDment is hi^ly desirahle. 

In addiiton to the salaiy stated and a fufiy eroensed car, we offer a wide zange of beoefit^ 

ag'hefifM fttwinpany wWnh ia-nrrf: nnly aunrpa^T, hnhalsur>)wliftwa fha^'TtepftfrpTa^Tfpq 

maj(ff asset aca treats thein accardm^y. 

To be considered for this pogticmttoae write, eaidcffling fun CytoBosemaryBrowiife 
PersonnelDepaiiznent, 6ony(UEj Limited, l^ytene House, SanbrnyKat-ThameSy 
MiddlesacTwlG 7AT. Triephooe; Sunbazy’On'Ijbames 81211. 


Finance and 

Administration 

Director 


GLEB has been'estaUshed tocanytoough 


aimed at creafirtg long term jobs for London, 
work wiB involve: 

— actfwe economic I n tervantfon to preswa 
easting jobs tod create new ones in ttie 
growth sectors of Lorxfon. 

— proinotionofnewfbmis^ownersltipand 
work organhatkxi and induc&ng 
cO'Operalives arto nvjnicipal ertterprises. 

— channeiOng London^ technology resources 
to new and ^gsting enterprises. 

— devdoplngpadcraesofst^rportfbrnew 
projecis, indudfog buDc&igs, advics, finance 
andtednology: 

Operte'otial divisioris of GLEB wfl deal «rith 
slrat^ investment, technology, poperty and 
the dev^^jment of newtorms^of enlerpite 
They wdl te supported by a Pnance arid 
AdrnintslralfanLw^cm which wM be respondble 
for afl finartdtf tnanagerrienl and contra 
s8nrice5,coiTipanysecrtoBial and legal matters, 
and peraonnei and office management 
■ TTte Otviskm Oieew wffl be accouritable to 


sKng 

rhewlDbe^ 


the Oiitf Executive for estabftsKng X 

andefirectinglhediviston. HeshewfDbe^r 
expected to tdce an active alor^side 
cfirectors of fito operatiortaidividcins as a 
member of GLEB^ mansgement corrvnidee. 
Particul^, ha^he wilt be responsible for 
nianteningacloeevyortungreteiorishipvrithfiie 
GLC^ Rnanca Department and for adviting the 
Board and toe management comniiitee on 
ccxnpfiarce with the finandal reouiremBnts 
agreto between GLEB arid the GLC. 

The successful eancDtiate wfll be a W8l 

e:q)erienc8d-and qu^ed acco u nt a nt wito a 
track record in administrative and finartcial 
management Relevant expertence wB have 
t»en gairted to pubGc, pilv^ wcD^Xterative 

industry or commerce. 

Tlte salaiy is unBrriy to be less titan 
£ 20 , 000 . 

AppficaOons are finrfted by 19 July iggz 
For furtoer ctetate wito to Alan lUfoGarvey 
Chief Executive Designate, Giaker Londni 
Enterprise Board, Room334A The County HalL 
London, SE1 7PB, ortet^toone 01-633 6^ 
GLEB is an eqtBl (^iportunities amplpyen 


Gieater limdon Enierprise Boo^ 


NEW APPOINTMENTS 

£15,000 -£5(M)00 PA 

CtanAt wo tSe IbkBii^ specialists IB asAStis BM&Sns 

fnrtnirliiiiriiinftnriifiti ITnlyTYimiini^rffhiimr-iMiilitiii] 

CfaDtSSfcliff 

Connau^ 

73&osvBDarStzeGt,t£DdonWl 


APPOINTMENTS 
WANTED 

ENTREPRSNSURIAL MAN, 33. t4«I« 

oppcrnmty in ftiance Mv tadaroand 
k niBMVina cmill luiMfKtailM «nd 
trading bushweas. tsgether wtth 
mamgettioit caosultandv eoKrlnic*. 
THe amplasls has been an salM iM 
narfcrffli*. i wis)i to mow* Into Anaoca. 
or bnanu iWMed fiM. ib saM end 
marketing . with lata- jragresM S» 
general managameBb Wrttb Bme A.79fi7. 





30 


Financial Tinies. Jhiusday/ Jiily 8 .1982.. 


JOBS COLUMN 


It’s not what you do, but where you do it 


HERE are the latest rough 
indicators of how much 
managers doing similar jobs in 
different countries can buy with 
the money they take home. 

The figures come from the 
annual sur\*ey made by Employ* 
raent Conditions Abroad, a 
trade association which pro- 
vides organisations which sub- 
scribe tn It with details on pay 
and perks prevailing around the 
world. In all. EGA covers about 
75 countries. But my table is 
confined to 17. Anyone wiping 
for estra information* should 
contact Giony Spittle at 13 
Devonshire Street. London 
WIN IFS; telephone 01«637 
7604, telex 299751 Eureca G. 

The table shows the buying 
power in .sterling enjoyed by 
people at three different levels 
of management which are com- 
monly found in organisations 
throughout the world. 

The lowest, represented by 
the left-hand pair of columns of 
figures headed “ Level 1,” typi- 
fies the head of a function such 
as marketing or finance in a 
single subsidiary company of a 
big^sh group. Level 2 refers to 
the head of marketing or what- 
ever covering a division of 
sc\'eral subsidiary companies. 
The top rank, level 3. signifies 
the chief of the function 
throughoul an entire group. 

In each country and at each 
level, the m.inager is assumed to 
bo paying tax and so on as a 
native of the place in question, 
and lo he married with two 
children, but to be without any 


BY MICHAEL DIXON 

THE BUYING POWER OF EXECUTIVES IN DIFFERENT COUNTRIES 


Country 

Leven = 

Level 2 = 

Level 3 — 

% rise from 


head of function 

head of function 

headoffunetien 

level 1 


in subsidiary 

in division 

ingroup 

to levels 


1982 

(1981) 

1982 

(1981) 

1982 

(1981) 

1982 

(1WI) 


£ 

£ 

£ 

£ 

£ 

£ 



France 

18450 

(16,650) 

25,250 

(22.450) 

32350 

(30300) 

733 

(833) 

Singapore 


(17,100) 

24,600 

(25.700) 

35,700 

(39,100) 

110.6 

(128.7) 

Switcerland 

20,100 

(16J00) 

24,200 

(21300) 

34,700 

(27300)- 

716 

(653) 

West Germany 

18350 

(16,100) 

23350 

(21.000) 

' 32,700 

(29350) 

78.2 

(823) 

Spain 

16.850 

(13,700) 

22^450 

(20,700) 

30350 

(26,400) 

793 

(92J) 

United States 

18,100 

■(17300) 

22.150 

(21350) 

29300 

(27300) 

623 

(60.7) 

Canada 

17,400 

(18,000) 

22,150 

(22,600) 

27350 

(29,100) 

583 

(613) 

South Africa 

16,800 

(16.900) 

21,650 

(2T350) 

26,900 

(27300) 

60.1 

(633) 

Belpum 

15,500 

(14,150) 

. 21,100 

(18,150) 

24350 

(23.050) 

603 

(62.9) 

Italy 

14,650 

(11350) 

19350 

(16300) 

24350 

(21350) 

663 

(S93) 

Australia 

14,850 

(13,900) 

18,100 

(17300) 

23,150 

(20,900) 

55.9 

(503) 

Netherlands 

13,400 

(11300) 

16350 

(14350) 

21300 

(17350) 

563 

(513) 

Greece 

1U50 

(9,950) 

14,900 

(13350) 

— 

— 

— 

— 

United Mnsdom 

10.900 

(9,500) 

14,250 

02350) 

18300 

(1535Q) 

683 

(613) 

Ireland 

10,200 

(9.750) 

12350 

(12350) 

13,900 

(15,600) 

363 

(603) 

Denmark 

S.750 

(7,750) 

10350 

(9350) 

13,850 

(12300) 

583 

(603) 

Sweden 

7,350 

(7.050) 

8350 

(7300) 

8350 

(8.700) 

20.4 

(233) 


of the individually variable tax 
reliefs such as allowances on 
mortgage repayments. Con- 
sequently, for e.tample, the 
United Kingdom manager at the 
lowest level retains a purchas- 
ing power of £10,900 out of 
gross pay of £15,250, at the 
middle level retains £14,250 out 
of £21,100 gross, and at the top 
grade takes home £18,400 out of 
£29,550 gross. 

In every case too, ^ gross 
consists of saiaiy and cash 
bonuses which are fixed pay- 
ments. but leaves out of account 
any bonuses dependent on 
changeable factors such as turn- 
over, profits and the Hke. 

Having calculated what each 
of the typical managers takes 


home after tbe standard deduc- 
tions. EGA then adds to the net 
pay 'the allowances generally 
available to executives with two 
children in the country con- 
cerned. Tbe next step is to 
calcolate what the resulting 
sums would buy in the particu- 
lar country — which EGA works 
out witii reference to a range 
of surveys internatioDai 
‘Uving costs. The final step is to 
translate the respective pur- 
chasing powers into terms of 
UK .prices. 

The countries are ranked in 
the table, by the way, on the 
buying power of the level-two 
manager. I would have pre- 
ferred to rank them on the top- 
level executive, but was stymied 


by the lack of any figures at 
this level for Greece. 

The same lack prevents 
Greece from appearing in the 
right-band pair of colmnns 
which show the peroentage by 
which the highest-level manager 
was better off than the lowest 
percentage may therefore 
be viewed as a rough measure 
of incentive for the bottom- 
rank person to strive for pro- 
motion to the top. 

The incentive has apparentiy 
defined since last year in 11 
countries, sharply so in both 
Ireland and Italy, and risen in 
five which include the UK. 

As a result the most bossed 
Brit has relatively more to gain 
by riang to become the most 


bossy than the bottom-rank 
executives in 10 of the other 
countries, even though all but 
three of them would still be 
able to buy more on reaching 
tbe highest grade. 

Venturer 

CONSULTANT Bryan Firth is 
seeking a rare variety of finance 
director to work in London for 
what he can describe orriy as 
"a kind of non-iostitutional 
finance organisation.” Like the 
other headhunter to be men- 
tioned later, who also may not 
name the employer, he pronuses 
that any applicant who so 
requests will not be identified 
to his dient withont specific 
pennissxon. 

The finance director's job en- 
tails re^onsibility to the chair- 
man for the normal controRlng, 
p lanning and reporting activi- 
ties. What makes it rare is that 
the company, which has total 
assets of roughly £500m. wants 
to branch out into new ventures 
and the newcomer is e]g)ected 
to play a leading part in 
idexdiibring suitable t^ortunir 
ties in the UK. 

Although the way ahead is not 
thought to lie in extending the 
company’s network of more than 
40 retail banl^ or its running of 
other organisations’ in-house 
credit-card systems, candidates 
win need understanding of the 
firmnriaT- nianagement Of Such 
activities. They should also be 
qualified accountants. 

But no less importance is 
attadied to a keen sense for 


promising investments the 
UK market at large, whether 
these be by way. of acquiaitioii 
of established -concerns or of 
taloDg stakes' in' innovations. 

Mr Firtb thinks- <!hat people 
whose 10 years, of success out- 
side tbe accountancy profession 
includes work • in fast^oving 
consumer goods, , would have an 
advantage. And perhaps because 
the chairman bs ' American* a 

•master’s degree in management 

would help too. Salary about 
£25.000. peite include car and 
subsidised mortgage. 

Inquiries to Bryan Finh and 
Associates. 1 Garrick Hons^ 
Carrington Street, liondon WIY 
7LF; tel 01-499 0321, telex 
894112 Arint G. 

Food chief 

DAVID JOHNSON of BEP COD- 
ultaxfts seeks a diief executive 
to work in the north of England 
with responsibiUty for tbe 
manufacturing of a range of 
dry powders for use in the food 
industry and for their marketing 
and sales internationally, with 
particular emphasis on the 
Middle East and West Africa. 

First-hand knowledge of 
marketing to the food industiy 
in these areas is essential, as of 
course is a successfiil record in 
managing a comparable 
business activity. Salary 
indicator is around £18,000, with 
car among other benefits. 

Inquiries to Hr Johnson at 14 
Barker Street. Nantwich, 
Cheshire CW5 5SY; tel 0270 
626828. 


1 


MERCHANT BANKING 


TTiB merchant banking arm of a presifgteus UB. ’ 
bank oHers exceptional career oppo^lttes lo 
prolessionaily qualHied people seeking a career 
in. corporate finance. Having obsained a sound 
^ucatk>r\ irrcluding a good degree from a 
leading university, you will have possbV 
•commenced a career In law or banking, but new 
leei your progressis not living up lDexpectatlon& 
Apart from academic and career achievement 
our client will be looking for outstandirtg . 
personalitsvdrive andoommitmont They offer the 

opportuniiv to become fully involved in all 
aspects of corporate lirianceb aitd capital 
tnarket^ e-<perience that will le^ to unlimited 
cateerprospecls.RERDEn025B. CITY 

AmJWTKN^VVUBETREnQtWtHESniCrEfrCONRPENCe 

.RbsITIiI 

LEE HQUSE.LQNDON WALLECZ01«6Q66771 



r 


RESEARCHER 

Fast expanding Newswire Group wife U.S. I^b- 
Jisher urgeht& needs a Rese^cher/Editorwl 
Assistant for W1 office. Ability to work with 
minimal supervision essential. Background 
knowledge of science and industry useful. 

Send applications with cv to: M. Wold, New's- 
letter ifiiblishing Centre, McGraw-Hill Publica- 
tions Company, 34 Dover Street, London 
WIX 4BR. 


CJA 


REClRUlTrWENT CONSULTANTS 

35'r\levv Br-aad Street, London SC2FV1 1MH 
Tel: p'l-BSS 3BSa or Q1-BSS 357B 
Tetex Mo. SS7374 


An important appointment-opportunity edsts to become an assisteit manager in 6*12 mondis and so^e for fuithen rapid 

promotion, thereafter. 

INVESTMENT MANAGEMENT EXECUTIVE- 
INTERNATIONAL FIXED INCOME SECURITIES 



CITY 


£ 15 , 000 -£ 20,000 


EXPANDING INTERNATIONAL MERCHANT BANK— SUBSTANTIAL U,5.$ FUNDS UNDER MANAG91ENT 
We invite applications from andidates, probably In their iate 20's, who have acquired 4 years' practical experience In the 
fixed income markets with at lease 2 years in the management of client portfolios. As a member of the Investment 
Mana|emenc Committee, the successful candidate will be involved in all aspects of portfolio management for the Bank's 
important institutional and individual clients, including direct client contact. Responsibilities will include maintaining continuous 
contact with the U£.S bond markets and ether major international fixed income markets. The ability to identify and 
respond to investment opportunities is key to the success of this appointment. Attractive ^lary negotiable, + subsidised 
house mortgage facility, non-eontrlbutory pension, free life assurance, free medical cover, assistance with removal ‘expenses 

if necessary. Applications in strict confidence under reference IME 4107/FT, to the Managing Director: 

CAMPBELL-JOHNSrON ASSOCIATES (MANAGEMENT RECRUITMENT CONSULTANTS) LIMITED, 

35 NEW BROAD STREET, LONDON EC3M INK. TEL: D1-S88 3588 or 01-588 3576. TELEX; 887374. 

* Unless you are' applying for th^above position, please do not write to us. ^ 


Trading Analyst 

How wouldyou account for such successful trading? 


In the last fbucycan Saiosbutylt has seen sales 
rise Iw I'jO^ and net piofit by 220%— a peEfbimance 
v^hicn shows deariy the tzaiu^ stiength cf the 
Compaq 

Thu success h biased upon detailed analysis of 
pTi aqvtfw nf OUT tyemtion. including ptofiiabilic)'. 

The adverd^ position is a li^ appointment, 
No. 2 inour Trading Ennancial Control D^mtmenc 
which provides a general finand^ sen’ice to the 
trading depamnen& and plays a critical lole in the 
overall conooi ot the Company’s grass piofic 
peribnnance. 

Tire Trading Anahst would have both broad 
re^oosibilicks wit^n this dqmtmenc and also make a. 
partiodar contribution fo tile ocMSidination and 
develofvnrot of produce group piofitabiUty studies, 
gh'ioge^eDtiaL^via to the ttadiog depmtments. 
TbhuapOMikxio&riDgcoQridczablesaipeiicxIri^^ 


creative work including die develtipment of new 
whTiiqii« ^ measuring pvoducc-pxoficability. 

The id»l candidate will be a qualified 
accoodtanc with ac kasc two years posG-qualificacioti 
eiqierience. Then: will be paoicukv involvement in 
the dewlopment of cornputer applications our 
nading aiml>’sb and a knowl(^jgc of financial 
modellkig is cherefere essential. 

Ifyou believe you have the neoes^ 
experience and innovative ability anJate inteicsod in 
a lemuneradon package including a salary c. £13.0C0, 
Gwopany cat; BUPA and profit share, send full details 
ofycnircateertDdamarklprcscriC!u!nr>'to:- 
Hirab^Wanen, J Saindxnypk, SaiumkxdH^ 
Sram^Sizeec, London S£1 9LL ' 

SAINSBURV’S 



SENOl SALES 
CONSULTANTS 

Nationd Giicfcaiilcis one of the fastest graving 
financial institutions in the UK and needs more senior 
sales consultants to sell a wide range of banMng 
services to major organisations inboth the piivafe and 
public sectors- 

We are looking for people in their early to late 30's 
•who will not only be responable for their o-^ accounts 
but who will motivate and lead a small team of 
consultants in achieving stretdting financial targets in 
tLie face of competition. 

Personal qualities are of equal importance as 
previous experience and the ability to negotiate "with 
senior people in the business world and experience in 
conducting finandd discussions could prove to be of 
value. We want polished, self-starting, self-motivated 
people who believe in the job they do and derive 
immense satisfaction from personal achievement- 

The annu^ salary willbe in the range of £13,320 to 
£16,650, plus a London weighting of £1,215 ayear. 
Salary scales are due for review in July 1982. The 
positions are pensionable and offer 5 weeks' annual 
holiday. 

Please note. Previous applicants for these 
appointments ^ould not apply on titiis occasion. 

Applications, CVs and recent photograph should he 
directed to Derrick-Williams-, Management 
Kecruitment, (Ref RC/Fl), National Girobank, 
Bootle,Me]:sey5ideGIR0AAbynotlaterthaii28July. 


Top Executives 


Oar clients Sod bett^cppottamti^Aiejou mter^ted? 

If titat* an bdng witsted, cr year unUriBU tinnrted. w can fadp. Our IMr EktBad 

cans mnagenNonL eoNmseUm torn iiJl bm oigaged m a Top Managemsd role. .Thqr VDdetstaBd 
ytnxr prbbleiaa. After mrabatmg jmiir txxra potetf^ usd riMgrwaric with 

you through ePstageeofthejAseardinfflbfl yon find that b^tar ot4i O B.tiii>i ly met » just for 

you. Most of these better op p ee tmfi ries are never advertieed. 

We haro an adsnowledged etandiag in the emplqyineQt maricet and an ontsttadhis trad: vMdcd 
8 nee»s.Th 8 t* 8 wbywe^coiiSd«tChatadter 8 preUininaiydi 8 cnttkmyxnwxB 4 gtedatftwiqrm 
are able toeffor the ^edal sort of that you need. S6 iriiy 3Ufe xng n> todi^. 

HlNSrEa ESUUUTIVa um 28BoIfon8M;l«teWr78B&-S£0M»ia0B^ 


pun 


ECONOMIST 

Salary Grca £12,000 plus car and benefits. 

As a result of the continuing eiqsansion and develop- 
ment of the Research Departmrtit^ an experienced 
Economist is to be reenti^ to join the research team at 
Head Office in Halifax. 

The successful applicant vnll be ejq)eded to make an 
immediate contribution to the Society^ research pro- 
gramme including contributions to r^ular econonuc 
publications. A s^-starter vrithin the age range of 2S to 30 
will find ample opportuTuty for appt^ng his (R-herimtiative, 
judgement and corainunicatiOR skiUs. 

For this important position candidates must have a 
minimum of four to five years relevant esqierientt of 
applied economics and econometrics, prdbably mth a 
foandal organisation. A good Economics degree and a 
genuine Interest in finani^ and housing markrts are 
essentiaL 

A competitive salary van be offered ti^ethen^ a 
foil range of staff benefit including a car, contribi^ry •- 
pension scheme, non-contributory group life assurance, 
BUPA and staff mortage fedlities. 

Applications giving details of age, guali/kathns and 
experience should be sent in a>nRdence toy 
The Gentsral Manager (Staff), HalffaxE^dingSod^, 
POBox&X Trinity Rood, Halffax, WestyM^bre HX12RG, 
and should be dearfy marhed “HC Prwale!' Qosing date- 
SlstJufy. 

HALIFAX 

BUILDING SOaETY 



HOUSE OF CX>MIViONS 

(PepaTtmewt of the Qeifc of the House) 

SELECT COMMITTEE 

TEMPORARY ASSISTANTS 

The Treasury and Civil Service Committee require two 
Temporary Assistants to cover economic and 
questions respectively. Their duties will include giving- 
specialist^ assistance to the Cleric of the Committee and 
undertaking research into specific quesrions. . Applications 
are invited from candidates with a good d^ree or an equivalent- 
professional qualification relevant to one or more of the above 
subjects, together with several s'ears practical experience in 
one of these fields. An Interest in public administration would 
be an advantage. 

The -preferred age range is 28^5 years and for a successful 
candidate within this range the salary will be in the range 
£10,758 to £13,C^ according fo age, qualifications and experi- 
ence. Applications from particularly well qu^ified candidates 
aged from 25-27 may also be considered. The salary for this 
age group will be in the range £8,909 to £10,^5. There Is a 
non-contributory pension scheme with interchange arrange- 
ments with other Public Service pension schemes. 

The appointments will commence as soon as possible after 
1st October 1982 and will be for a period of two years in the 
first instance with the possibility of an extension for a fi^er 
limited period. Strict political impartiality is required of all 
House of Commons staff and these Temporary A&sislants will 
. be expected not to engage in political activities for the 
duration of their appointments. For further .details and 
application form write to the Establishments Office, HOUSE 
OF COMMONS, London SWIA OAA Of telephone 03-219 6011 
between 10.00 a.m.-4.00 pm. Closing date for return of 
application forms— 23rd July 1882. 


Investment 

Manager 

Salary up te£17,0Q0p.a. 


Hafiren imestmeiit FinaiMe Un'itsii 


Hafren Investment Rnance Limffed is a 
newly Ibnned subsidiary company of the 
Welsh Development Agency. Repurpose 
isto inv^ in ventures with growth 
potential. Many of these wii! be in hi^ 
technology. 

The new postwiil be responsible for 
making investment proposals to Hafren. 

The holderofthepostwill assist in 
seeking out suitable projects and will 
carry out the investigation and appraisal 
of cases as well ds advising ^propriate 
funding padtages. 

Experience of investmentworkwill be 

Personnel Department, Welsh Devefopmenti^gei^,TrefbrestlndustrialEstate, 
Pontypridd, Mid Glamorgan CF375UT. Telephone: TrefbrestSSTT. 


necessaryand experience of such work in 
the techrioiogicai field will be an 
advantage. A-finan^ qualification and 
management experience in small to 
medium sized companies will be 
desirable. 

Generous assistance will be given with 
relocation expenses and the post will 
receive a car allowance and six weeks 
holiday peryear. 

Application forms to be completed and 
returned by 21 July 1982, are obtainable 
from:- 



Mailiels Executives 

SalarY negotiaUe Londoii based 


In keeping with ambitious growth 
plans, the International Capital Markets 
Division of Citicorp^ Mercharit Banking 
Group is'expandfngthe New Issues 
Department aruj looidng fbrsurtably 
expeiienced Executives. 

Bas^ in Londbn.youvrill be 
involved in initiating financial packages for 
international capital market transactions. 
This will include handling long term 
currency swaps and worldng through 
Citibanks Intemational networkona' 
variety of financing opportunities. A certain 
amountof overseas travel will be involved. 

Ws needcreative,numerate 
individuais accustomed to dealing with 
dients at a senior and>nl]irig to 

participateih'asuccessfui^pandingtmit, , 
which has beeri re^on^bie fbrseveral 
marKetinnovations.'Probaibly inyourlats 


20'^eariy 30*8 with a degree level 
quartfication,you will have 3-5y ears' 
experience in the Eurobond area in new 
issues orsyndlcatlon. : 

In return, we will riegotiatean 
exceHentfihancial package that will fully 
reflect your experience and qualifications. 

This is an exceptional opportunity to 
broadenyourexperience withm our 
expandinginternatiorial organizatioa 
Please writewithfuli personal career 
details to; Morfey Wbsi, Group Personnei 
Officer, Citicorp International Bank Limited. 
335 Strand. LondonWC2R 1LS. 

Tel: 438 1189/1102. 












Royaf Insurance currently have a vacancy in their Taxation- 
prvjsion, whjch Is locatec) in Liverpool, for a person to play a 
leading role in taxation planning and research ii> respect of theic 
^rldwide non-life Insurance operations. 

The ^ccessful applicant must possess a detailed and up^o^ 
date knowledge of UK corporate t^catlon law and have had 
yeare'-experience’Of its practical application to the af- 
■pirs *pf a larae, multi-national company. Additionally, some 
mowledge oftaxation Jaw In major overseas countries would 
be an advantage. 

A first class benefits package is offered, which Includes low 
'interest mortgage faciiitres, pension sdheme and generous 
relocation assistance where appropriate. 

To apply, soidfoll curricuhiin vitae to:Mr RMAimoao 
Admmistration 'Maiagov Group 
Comptroller's Department, Royal 
Insurance pie.. New Hall 


Op&ito Females 


II . Place, Liverpooir 

Royal Insur^ice lgssen. 



London 


c.£i:^500 


One of the country’s foremost financial enterprises 
is seeking a monetary economist for a'chailenglng' 
assignment in the Group Treasury operation. 

The successful applicant, probably aged between 
27 and 32 will be required to interpret and advise on 
monetary developments mainly in the international 
field. Experience of interest rate and/or exchange 
rate forecasting is required together with a good 
economics degree. 

Commencing remuneration will be as shown above, 
prospects are excellent and benefits are in line with 
the best in the financial sector. Please apply in the 
first instance to the address below quoting Ref 248, 
po^nprehensljia curaGutum vitae and 
indic^ng in -confidence any companies to which 
your appUcation may. not.be sent, 

Charles Barker 

MANAGEMEI^^ELEGTKm INTHUM'^e^U^ 

30 Farringdon Street, London EC4A 4EA, Telephone 01-236 0588, 

=^=SMANAGEMENT SELECTION — EXECUTIVE SEARCH 



A leading firm of London Stockbrokers is seeking a Pension Fund 
Manager in its Fund Managementdepartment, The individual to be 
appoint^ to thfe senior position must be highly nurnerate, have a othi- 
prehensive knowledge of all areas of Pension Fund investment and a 
wide experience of reporting to Trustees. A degree or professional 
qualification is desirable. , , . 

The Research faciUties available cover all areas relevant to investment 

decisions. 

This position offers an attractive salary and very good prospects for the 

Sf relies will be forwarded to our cFient Please indicate in a covering 
letter any firms to whom you do not wish to apply. 

Please send a comprehensive career r6sum§, including salary history 
quoting rrf. 2059, to W. L. Tait. 


TcnidieBixsSfCoJs/kma^-ie^ 

Hill House, 1 Little New Street London EC4A 3TR, Tel: 01*353 ^11 

AmambaroftiMMinageiMntCotisultantsAnociation 




mnm 


You will nsedlttltoday 
^•ourjobiBitrlsk. 

VVe are Ite firm ihftt 
[mvidos the most . 
etperlwccd nstionwids 

CRCCUlivaiobSMFCtl, 


Mc{Gns^ 

BaiildiigAnd^ 

\V!s are looking Ibr a Banking Analyst Ibr our 
Research staff. This person will nomially work with 
ourclientteams helping to identify and solve techni- 
cal probiems.He/ste will also be expect to initiate 
and participate in research topics, to further develop 
prablem-solving techniques as well as using and 
enhancing existing databases. 

Candidates will have an honours degree^ prefer- 
ably in economics or business administration; they 
will havedeep knowledge of U.IC/EuFopean banking 
and financial institutions; and must be ableto anal- 
yie, interpretand communicate data. 

Our clients mdude many of the world's largest 
andmostprestigiousorganizaHons,theworkisdiere- 
fore varied and chalienging. Ourstandardls are high, 
our remuneration competitive. 

If you are interested and have the necessary 
qualifications, please send a brief curriculum vitae, 
which will be treated wiffi complete confidence to: 

Director of Professional Staff D^Iopment 
McKinsey & Company, Inc., United kingdom^ 
74Stjames'sStieetLondonSW1A1PS . 


AsdstantHeadof 
Corporate Film 

Bahidiig badgro^ 
Wi^jvfidlatids £1^00(H 




is seeidi^ to appoint an esecndve whose ponc^al 
<»qc [v»Tienefi has been m mgrrhanr. banking Pc 
idated activities. 

He or die trill he a key member of a small hi^- 
poweted spedalist tsazn in the Coipoiate Bnance 
Department which has prime responsilrility 
y fpp1^<fmtmg acquisidon, divestment and joint 
venttne Txdides and a wide tange of 

finandalinvestigado&s. 

Ideally you xrillhe a ^aduate in yonr early ihirtiesi 
with an accounting or MBA. qnalificatu^ and be 
InnIfTftg. fer an appointment offering a i^sitire 
xoutn to the Kigh^ eehdfmK c( mdustcial zronage* 

rrwwT«fi»rria1 flatr d^Jity tO 

identifir and evaluate business opparrmifies is, of 
ooutse, apte-cequifife. 

The tnitifll salary ^rill be in esoess of ElfiOOO pa 
mA the first dan benefits mdude a company car 
and generous rdocadon package miece 
appropoatt. ^ 

P l^aft t PTTte in m Aa firgf mgtaneg wim 

6i1t Caic 9mA liaring mzy Organisations to vriiom .your 
appUcadonmaynotbfi sent, to: 

X G. West (R^ 181) Managing DiieceQi^ 



VVhitss Racruftmern Umitedl, 

72 Fleet Street, London EC4y US. 
OffiosK Abeniaen, Bristol, Leeds, Unka 

M(Wch fl fltw artoWiverti an iptoa 


" DEPUTY 
CITY TREASURER 

£ 19 y 561 -£ 19 ^ 704 (under Review) 

The City, population approximately ooe million, is 
the larg^ Metropolimn District CouDdl^ It employs 
over SO/XX) people, has a rateable-value of over 
£160 million and a tiimover of about£700-mllllon. 

The Treasurer's Department plays a vita! role In the 
overall management of the City Council and the 
Deputy Treasurer is expected to contribute 
slgnificantiy to that together with the effective 
management of the Department and leadership of a 
vigorous team presently urKiotaking a major review 
of systems and working practices. The duties will 
Indude acting for the Treasurer as required. 

The Depatment employs approximately 1.100 staff 
and is r^ponsible for tiw admin^tratfon of all the 
financial affairs of the Cound! induding its 
computer. 

Applicants, male/femaie, should be able to 
demonstrate substantial achievements and 
experience in public sector financial management, 
/^plication forms (returnable by 23rd July 1 982) 
and forther details may be obtained by telephoning 
(G 1 -235 3748 or writing to:- 

Personnel Officer. Personnel Department 
Snow ffill House. 1 & 19 Barwick Street^ 
Birmingham B3 2PF.* ■ 

CenvnssingvwH! disqualify. ^ 


BlRIVlUMGHAiVl 

CITY COUNCIL 


Corporate Finance 
Executives 

£12,000-£18,000+Benefits 

A number of our clients in the mercbant 
banJdng field, which include many of the 
City's leading Accepting Houses and other 
banking institations. are currently 
recruiting executives in order to 
strengthen their corporate finance 
activities. 

We are therefm^ particularly interested 
in hearing from graduate accountants or 
lawym?. aged up to 30, with esperience 
of corporate finance work in a recognised 
financial institution or witiiin their 
respective professions. 

Interested candidates should telephone 
Kdbert Digby BA. or write enclosing a 
detailed curriculum vitae. All applications 
will be treated in strictest confidence. 

David ClaikAssodatES 

4 New Brklge Scre^ Ixiidon EC^ 
Tdepfone: Qt-353 1867 
A Badenodi & Dark Gnxip Canpany 


CORPORATE p^ADVISCMl 

Pidune U.S. Intemalioncil Bank 

Our Client is a major international bank acknowledged as a leader in 
the corporate treasury field. 

Expansion of the bank's corporate treasury services calls for the 
recruitment of an experienced corporate dealer to join this 
professional team at officer level. 

Candidates will be in their mid 20's/early 30's with a strong 
background in foreign exchange trading and experience of corporate 
development; knowledge of the energy sector would be an 
advantage. 

This is a challenging opportunity to develop one's expertise in a 
highly successful organisation, and will be rewarded by a 
competitive salary and benefits to match. 

Contact Norman Philpot in confidence 
on 01-2483812 


60 Cheapside-London EC2-Telcphone 01-24&3812/3 '4'5. 


Banking Executives 

A leading member of the Accepting Houses Committee wishes to strengthen its 
Banking Department by the recruitment of young but experienced bankers in the 
age group 24-30. The vacancies have occurred because of growth and internal 
promotion. The jobs will be to market and manage the business of the Banking 
Division in defined markets. 

Positions to be filled relate to European, Eastern and South American territories. 

While banking experience in these markets is an ideal requirement, general banking 
knowledge with the relevant language would be a sufficient qualification. Thus 
language proficiency in Spanish/Portugese, French and German is of special 
‘ importance, with a personal ability to communicate and operate at senior levels. 
The Banking Division is structured to allow for personal development and pro- 
motion is based on ability rather than age. Salaries are attractive and equate to the 
level of appointment, which is .flexible and will take into account the len^h of 
experience of applicants. 

Replies: containing outline career details and' quoting reference 1790 wiii be 
forwarded direct to the Management Consultants advising on this appointment, 
who are re^stered as an Employment Consultancy. 

Charl^Bvker 

RECRLm^NTTACA/ERTlSlN^ 

30 fanirigcbn Street; LoncionEG1A4EA(!]1-23630TlS 


LIFFE BROKERS/DEALERS 

J. Axon & Company, a prestigious international trading firm and a 
member of the Goldman Sachs Group, is expanding its deahng activities 
in the U.K. We have positions available for dealers and brokers on the 
UFFE. Candidates should have proven records in one of the following 
fields 

• Foreign Exchange trading or broking 

• Metals trading or broking 

• Commodities trading or broking 

These opportunities will appeal to ambitious individuals who seek a 
long term career in a d3mamic environment. The appointments will be 
highly remunerative and we offer a generous fringe benefits package. 

Applications should include full C.V, and will be treated in confidence. 

Hease direct inquiries to : MrJ.J.Ferro 

Director of Operations 
J. Aron and Co. (UK) Ltd 
162 Queen Victoria Street 
London EC4V 4DB 



Commercial Managers p| 

Service Industry. London & Midlands 
c£13,000 plus car 

Our riJent is a service company operating nationwide. As part of the 
development of this expanding business, commercial managers are now sought to assist 
with improvement of regional profitability. 

The requirement Is for ambitious, practical and profit-orientated accountants, 
male or female and aged areund 30. A service industry badtground is highly 
desirable; certainly experience in a highly salesorientated environment is essential 
These posts are stepping-stones for promotion and prospects are excellent 
Please write to lUB Ping, quoting P.1420(F) , or ring Higson Ping Limited and 
ask for a personal history form. 


Higson Ping LtdTEzccutive Recruitment Consultants. 
HOJemyn Street^London SWIY 6HB. 
Telephone: 01-930 4196 (24 houranswexing service). 





BROWN, SHIPI2T & CO. LTMETED 
hferchant Bankers slrx^ ^10 

COBPOBATE MANGE 


Brown, Shipley & Co. T.fnutedhggn a vacancy for an 
Bzaco^ to joia fiisir Cozpczote Finance Depattment. 

J^plie&nis aie invited who wonld probably be in their 
mid to late twenties and after gzaduailcsL would have 
obtained a pzofe^onal qualification in acccmniancy, 
law or have a business school degree. Ideally they 
wcmld have had some experience already in Coipoiaie 
Finance work in the City. 

Applications which, will be treated in strict confidence 
should be sent, logetheiwiih.acnrricttluizi'yitae; to:— 






The Personnel Director, 
Brown, Shipley & Co. Limited, 
Ponnders Court, 

Lofiibnry, * 

London, KSR THE. 


ACCOUNTANT (US BANK) 


Salary c £14,500 


This well known American Bank Is seeking a Manager for its 
Accounts Department Preference will be given to 
candidates with an accountancy qualification and previous 
bank accounting experience. 

The Department is computerised, has a staff of twelve, and is 
expected to expand in the near future. The .ability to motivate 
and liaise closely with a hard working team is important as 
is the potential for early promotion. Age 28-39. 

Please contact: David Little 


OPERATIONS 


Salaiy c £10,000 


A well motivated and talented international banker is sought 
by a recently established European bank for operations 
duties. Ideal applicants will have knowledge of com- - 
puterised accounting, preferably IBM 34— COBOL, and be 
familiar with the full range of operations procedures. A 
minimum of 7 years banking is considered essential. Age 
25-35. 

Piease contact: Brenda Shepherd 


fbnathan BANK RECRUtTMENT CONSULTANTS 
uren 170 Bishopsgate' London EC2M4LX • 01 623 1266 
















32 


Financial Times Thui’sday Jaly 8-WS2 


RMNClALPUKrJC MATTOIVS 


Eff the nei pbflse of OUT espGiisito 

TO isquire two senior iinimdai public wkions 


Bnnncial sp«iiBses in priblic relations^ adrer- 
tisin" 'jnd otha* ferms of communicalions for 
tile iiiTJDrial, corporate and business seaoRL 
• TKc If part of tlu* Gr*inclfield Rork Odiius 
Grai^ one of thi; rouutn'ii feisiesi Kfuwiiij; 
coraniuDiCLiii(»ns with a .S-33 miUion 

turaorei* and eoipiuying 1-iO peopk 

^ ^iih'partidpatioaisar» 

jaoDfliua apDOiDtments in a rnnsiTbitig r or in ^Mipiuli££!bunagaiidaTip^ 

a fina nd a i orpiibRc compaiK ' w particnlart? snfbAJe fpr sei&ff pecgile 

^ Tfe TOdd considff : 5 roEcntiDiis fawn joiaipg ik in mid-carea; 

&i£vSdi]alsoFfoQmthepdD(^K]Is^>>( • tfi* i i HeaseinfiearfelephQdB: 

ofasmollfomediamsized | Andcn7^IcLaEa^!&ifoQ^ 

comiitaDcy'wiiomigbtbe VJJiOliUiiClVi pmqt. fii^dfaidSnA tiOllns 

mteffistediamergiogtte 'D/\^r^/v11fi^c FmanddLo 

business with OQza n\01J^\>ilJ91llld ^'n5 Queen Street london 

rtcmdlit^]d Rni^-nr.1Tirw EC4RlBR.Td:01^^58S. 


Cbini; Executive level Vieulso need a 
inandil adrertisiug arount diKctcc 
■ Tljfii^pIeru5likdytobeamEGt[7 
iKMngsemorpijMicffihtions (ff 


Intematbml Systems Auditor 

A key career role for a high-calibre, mobile young Accountant 
c £13,000+major benefits 


Mor^n Guaranty Trust Co.of New York 
is one of the world's leading international 
corporate banks with branches in every 
major fmancia) centre in the world. We 
utilise a wide range of sophisticated data 
processing, communications and 
information systems, and systems 
development activity is planned to continue 
at a hi^h level for the forseeable future. 

A high calibre young Accountant is now 
required to join a small team which provides 
systems audit direction and assistance to 
branches and affiliates. The role involves 
co-ordinating and performing system audits 
and providing standards and training for 
local branch auditors. You will be based in 
London, but should expect to spend up to 
309d of your time travelling overseas. 

Our need is for a qualified Accountant 
with at least 2 years' systems experience, 
either in computer audit or in consultancy. 
Experience of systems development in the 
financial sector, or communications 


technol<^ would be an advantage and it is 
essential that you be able to demonstrate 
sound interpersonal and leadership skills 
combined with the ability to adapt to new 
situations quickly. 

The position involves substantial 
exposure to senior management and to 
state-of-the-art technology and will provide 
the successful man or woman with a strong 
career path within the bank, both in Internal 
Auditing and in other divisions. 

In addition to a salary of around 
£13,000 pa we offer a benefits package 
which includes a profit sharing bonus, low 
interest mortgage facilities and non- 
contributory pension, medical and life 
assurance plans. 

Please telephone for an application form 
or write with a full c.v. to MarkParker. 
Morgan Guaranty Trust Company of New 
'York. PO Box 161. Morgan House, 1 Angel 
Court. London EC2R 7AE. Tel: 01-555 3111 
extension 2743 or 2632. 


Tlie Morgan Bank 



surer 


Our clients are a substantial Trading and Commodity House 
in the City of London. They seek someone with substantia! 
and relevant experience in the Money Market or Financial 
Sector. 

All enquiries will be accorded strictest confidence. Please 
write with full details quoting reference 1788 and listing 
separately those companies to whom you do not wish your 
details to be sent. Applications will be forwarded directly to our 
client. 

Charlies Barker 

RECRUiTMENTADV^TISING SERVICES 
i 30 Farrirgdon Street, London EC4A 4E A.01-236 30TI 


BankRecruitmentSpecialists 

BUSINESS DEVELOPMENT 
L.\TJN .\MFRIC V 
nciMt.. £17.000 upwards 

A seni-tr arrr'iiumtfnL wii<:in ilic l.i'iuli.in4usetf Loan 
N^ 1 Ull.‘:l:■r<n Vlroiip oi' a w cil-c^,ih!r hud ARwricjn baal^ 
'fi-'iiM like M nio.n iiuliviJii.tl'. nlw .ir.* nn-'iciulv 
oiirlo.vd ai ,^A-r. Iv^l.■l >'r at-nw. Iiuvl- pru'-vn «Mwn- 
eiKc IR ifie biiMRi.--'. dv«tflnpnicnt or rntvmjiioiul 
h.ir.i; ixnwvjin 1 . 1:111 .\nii:ri.j,.ind iid«:dll>>u7eUuvai in 

&paouhiUiJ,i,<r.l^nui:uc-.i:. . 


SENIOR FOREIGN 
E\CH.\.NGK: DE.\UiRS 
In .{17,000 

Tup .iT«r'''irinirnt';, u.i.'ii .iiliirdini; cecplioml <:rnpe to 
an jmNii.'ML.. iil'.f.'und F, \ I^.-.i'cr '.kilL'i! in Lun>. 
ciirTe'K'r-,a'/J';:^d<:r.ii>iI tfvi.'livwJrd i'.v.'iur tl'.chjnfr. 

O.ir i.licnt i . in Piii* «:jso a tflcaiint; bank, in ihr oihcr a 
rcTcauJ Liiropcan bank wfaokic LonJi^a ^rancU is 
:^rtlvicvpi:i]. 

Flatse telephone Ken Andcr.wn or L e sl ie SqtureSj 01-248 742X or 01-248 8876 

.\ndnr-on. Squires, B.ink Recruitment Spceiulisis 
ResicaHouw, 1-S Queen Sireec. London EC4N IFF 




ASSIST.^NT HNANOAL 
CONTROLLER 
to £13,500 -t- car 

A qmlified Accouiuanc (A.CJk./AX'.CA.I, aged 27-33, 
I'. Mughi fpr apromuiKiit as As& Financial Comralla at 
the Lunilon oHkc oi'an Aincrican bank subsidiaiy. ‘Hie 
sviipe at' thv rC'Ic includes tax planning, mteraal coniral 
lintohinc some Eup^rean irav'cl), ueawr>'. corporate 
acereiyr.'l, and lease evahiauon in addibon to the nonnal 
aecoumins i'uruiior. A minimum of IS nwiuiu' com- 
maculc.pwicnfiff financial orotbqwnu 'udciiwd. 


AUDITOR 
c. £10.000 

This post trouli uiil an ambiiious young interBatloBal 
banker laged raid. 'taie .2(b) snib current Audit expedeaee 
KKki,i(! up hy a ppcticm Kwk'sirwmi in the opcniien* 
Ocrarucems reoiv generally. A U& bank baekgrannd 
would be hIcjI, altbougn tbs b not Ssed: 

Cut (ootraveO. 


Aridersorij Sc[uires 

- ----- - - 





North Sea Economits 

USING ADVANCED CDMPUrBi 

' Ifw &7tish Notfond Oi1 Corporation is Q TTK^fbrce in oil 
exploration and production in the North Sea end hoe enjoyed rapid 
expansion din'ng the post six years. However.oson rmenrafive 
company, co mmiHad to so^uording future British oil supplies, BNOC 

has recoc|nised the need to go further oFieid ond is now venturing into 
international and deep water explorotion. 

' Gn«nthtseorrtinualdevelopmentandexpansian,rtrs 
uii daMui i iju blethot' the computer^sterrsnoodod to support the 
' eompiextedinkdoeHvrtiesQrdthefonMardpIcainirigdecisiorisare 
iMconvig rrn^Qsmgly deoionda^^ 

Our highly developed systems ore centred on on IBM 3033N, 
h m ngig uni^ OS/MVS os the focol point of on impressive d^ributed 
retwonc of Hewlett-Podrard 3000s. THs B bnng ulherenhorieed by 
^ instoUaiion of o 3SS0 Moss Storey Sy^m. 

Dui^t9^ourAnoty5tswiIlbecreoHngaso|dnstioatedsstef ^ 
economics and fimndol rrro:^ing s^tems tomotdi the Corporation’s 
gnawing and diverse octivitiB s . ^0TOigV» we ore nows oek ing 
further Senior Ar»ly^ who Con faring sueeeitful project experience 
^aoGsSaly irdudSng the management of snoU grotfis) to ^lengthen our 
esdsting teesn, 

Tl^ will ottrod hi^ly nurrierate graduate onolysts vrith c^out 63 
years' eifierience %whi» should indude software devetopment and 
computer modening using FORTRAN and finondol modelling 
languages sudi os PCS. 

This is on exerting opport u nity to become involved in the eorly 
di^es of on expending venturewith o dynamic and progressive 
compoiy offering out^nding career proje c ts. In imition, we offer 
o very compettHve sdocy oncTbertefib pockoge, which indudes 
generous casislonce with relocation orrangetnenls where oppropriote, 
outstanding pension ond Bfe c ssu rgi c e proviaens ond BUPAtodlities. 

CognopoGtonGlosgow offers oil the caner a tie s you would expect 
- oiomodemdly^wilholivelyintellecluolandartisticlif&ltBthehenie 
ofScottidiOpMand6allet',and houses some of the finest art 
coIIedTars in Britotn. A short journey brings you to the vride open, 
unspoilt T****** of the Qyde Valley, the Compsie Hills and the Trcssodis. 
For golf, fiding, sld-ing, mountoineering, and other puisuils, there ore 
urBigpCHBed fimfties~cnd oil on BNOC's doorstep. ■ 

if you ore confident you ha^e the expierience to moke on 
immediate and postive contribution to our work, cenloct our Project 

Uoder, Joe Hot^, on (Ml -226 5555 (or during the ei^ng on 
0475-85973} and Ipiam more about our forvrard thinking [Jans. 
AhemotTvefy, write for on opplibalion form, quolir^ ref SMCM/BE/ FT, 

to: Sofa Evo^ Drvisianal Personnel Officer, The British Notional Oil 
Corporation, 15D Sb Yncent Street, Glosgow, G2 5U. 

■ 

|BNOC| 

TheBriti^NatkHidOilCi^^ 




SENIOR INVESTMENT MANAGEMENT 

Vacancy 

Large conventional life office with significant and expanding unit- 
linked fonds offers a senior investment management post at its 
London Head Office. Initially main responsibility would be managing 
the seenrities-iinked portfolios. Prospects for further promotion are 
particolarly good. 

Applications are invited from candidates aged about 40 who have 
some fifteen ye^ of comprehensive institutional investment 
experience. An actuarial qualification is not essential hut would be 
an advantage. 

Fringe benefits Include; — ^Annual prodnetivi^ payment 

and, after qualifying periods, 
Non-contributory pension, 

Favourable hoo&e purchase facilities 

Apply, giving full personal and career jdetails, to Box A79U8, Financial 
Times, Bracken House, Cannon Street, EC4. 


■mTERNATIONAL— 
BANK LENDING 


KAKKETUV6 OFFICER, W. EUROPE 


c. £2ft000 


Acti«* intirnitianai bank laaks a malura banktr witfi auang 
cradit skiila and aubnantial Bxpdnanca ol davaloping proRiabla 
tauainau in W. Eurape. Pluarw/ in Garman/Franeb biBhly. 
daairabit. 


LOANS OFFICER 


e. £11,000 


Majar marahani bank aNara prograaaiva cartar to a young banktr 
wiih good axpoaura to lha analysla. documaniatlon and 
ayndicalion ol larg*-*u^* intamatietMl loana. 


CREDIT ANALYSIS 


£9,ooimLoeo 


A nuinbar ol opportunitiea oocur with good City natnaa for 
young paopla with gsnuinefy teund training and akiila fn 
corporata analyaia/cradit appraiaai. Languagaa holpful. 

nwea Waphono Am Ceitalle or John Chiwwtpn AIB 

Jotn 

/"*tJlVPl?TfW 4fSkClSllSO(toRS 

V^VtiaUN Lcm^BJCS, 

lASSOafOBSLTD. 0L«S3386ii 




BACKING O??Os^Tit;r05T32S 


FOREIGN EXCHANGE DEALER 

An crDcricnccd dcjlc- j-icd l.'lc 2U. I'l I’.liiircd b« s>n inlgr- 
r.aiic iJl t< 0 iii. I'ur..: br .iron'i un doiijr:;. spCii und li)rv/ard. 

BUSINESS DEVELOPMENT 

inturnjtidiiQl bdnl' requires a businc.^', dcvelapmcni speuialiat 
ageu Ijic 20a to marl:ct bani sorvibJi coveriny UK and Europe. 
An aeiiiiy lo i.oc3l: Span'r.h w^uld bo on advaniage. 

EUROBOND DEALER 

An oxpenencod bend dc.ilar 13 roouired by a well-known name 
in (he nurl.ai. Mu&: be a^ed late 20s end experienced in FRNs 
and CDs. 

SYSTEMS DESIGNER 

Eumpeon b.ink. ‘.erl--j dcMnner 

iSIU 3- ijririujrii.'. A^S mid.- 1/210 2’J^ 

ACCOUNTANT 

ilo. 2 cbiol ecc'iunUin'. required v,>ch ’nicrnaii.aiial bonk 

.icciiii.iinia I'.ici ^r.'iind — recL'iiciliadoriJ. MTi. TTb, P 5 L 
mon igemcni accounts. 


EUROBOND TRADER/S.ALES Salary up (o £25,000 

.An experiieoced trader to deal with F.R.N.'s $ straights, con- 
venihie* and senerally cover short-term money market iostru- 
luenis. This is a good poMtion with aa iatemationai t>bDk 
highly respected in the U.K. sector. 

EUROBOND DEALER Salary £20k (neg.) 

To deal tnaioly with the placing of bonds and issues. dGalir.g 
in fixed rate notes and dollar Boater. Salary is negotiable but 
will be around the £20.000 level. 

FOREIGN EXCHANGE DEALER Salary £15,000 

Foreign exchange dealing in the main Euro currencies, $ and 
yen. The successful am>Ucant will ^ve knowledge of loans, 
depo’s and arbitrage. ^ssibiHty of overseas travel although 
this is limited. 

SENIOR FOREIGN EXCHANGE DEALER Saiaiy £20.000 circa 
Established Intematkraal bak vrish to appoint a senior foreign 
exchange dealer to assume a viltal role wzthis an extremely 
active City dealing room. 

DEPOSIT DEALER Salary Excellent 

Continued success in tiie iatemationai money markets bas 
subsequently enabled our clienc to expand their foreign deposit 
desk. They seek a true professional who. has the abilitv* to 
perform consistently under pressure. A first«class salary and 
unique benefits make this an outstanding opportunity. 


FTB 

Heeruitnsent 
(L/ondon) 
Limited 


Stii floor Uoorgate 

113/182 Moergate Londan £C2 

Tel: fil-588 4681/2/2 


A mm IS SifIPSIST-EXPORT 

Linnus Trading Co. Ltd. has worldwide business in handling 
all sorts of commodities and is looking for tiie right person 
10 assi.^'E the Mana^in? Directova. Tiie bticceiisful applicant 
can c.xpoct a SxinicT posiL'on to work under the A?.D. and 
set up his ofiiL'e in tlie U.K. and he prepared tu travel 
worldwide. 

Applicants should be under 4>) with oxp.?rience of worlua.g 
under p.-essure and evidccce of achi-:vcd result. 

Please write with full details, uttaclunp curriculum vitae,, to: 

Ear .- 1 7V(^.y. FinnKcioi riNik>s 
in Cnimoi: iJlrcct. L».*nrion EC-iP -15y 


HILL OSBORNE & CO. 

Stockbrokers 

Due to impending retiremrat we have vacancies 
for two Associated Members with sound invest- 
ment business willing to locate in our-Lincoln and 
Scarborou^ offices. Comp^tive terms offered 
plus the usual support facilities expected of a 
progressive firm. Reply initially to: 

J. G. Strange, Permanent House, 
Horsefair Street, Leicester LEI 5BU 
Tel; 0533 29185 ‘ 


BUSINESS 

CO-ORDINATOR 

The ideal peraen we seek for 
jonachan Wren A Co. Led., is a 
retired or redundant inter- 
national/dearing banker. The 
job is CO compose weil>iunicd 
copy for eur extensive advertis- 
ing. to be editor of our weekly 
bulletins which have a dmJh^ 
tioR of riOO plus, be cotally 
rMpensible for the compilation 
of our Salary and Fringe Benefit 
Guides. Applicants should there- 
fore be literate and numerate, 
meticulous over detail and 
possess personality, tact and 
communicative skills Co fulfil 
business development and public 
reiacionihip roles. 

Salary negotiable e. £8,500 
Please contocc; 
PaulTrumbleac 

JONATHAN WREN & CO LTD 
170 Bishepsgate 
London EC2H 4LX 
Tel: 01-623 1266 


Theinvestment 
'^ledalists’Consultancy 

RIND MANAGEMENT 
to eisjaoo 

Aged 24 w 30 and a gradu- 
ate <rlOt at leut two vein 
euerlcDe* or either anelvUs 
or tand inenagenient. eeln^ 
within wi InsUhiUofi or a 
Stockbroker, to tnenaee pen. 
slon and oOier hinds within 
a malar InsutHHon. 

GILT RBEARCH 
c. £204100 

Probably aaed 2S U 35 with 
severaJ veers relevant ex. 
oerlenee. Mcelhr earned wlUi 
a StbCkbroker. te tofce ovv 
reaaontumitt tor all asoecte 
ol gilt researOt for a leading 
ftrin of U.K. atockbroken. 

CONSUMER RBEARCH 
£154109 to £20^ 

A graduate «v(tl» a proven 
nek rveerV of at feast 3 
rears estpencnc* lo invest- 
ment reicaMi te taka -ever 
responsiblinr tor the coik 
wmer eqetor s wOMn a ntaler 
U.IC. steckbtpfcing f>r». 


EUROPEAN RBEARCH 

c.£20fi00 

A greduau aged 27-32 witfi 
seme etoerrence of ln«eia- ' 
ment anairsis. good codr- 
munlcatf*c snd liitgulstlc 
abllltin u reseera snd mar- 
ket se-vtees to Eiwwaan 
companies for a U.S. lnves> 
ment organlsacfen . based in 
Uondon. 


For aa Initial (Uscnsalon. In 
tha str ict est of ebnftdeace. 
abovt tbeaa or nvnv ellwr 
posMons with rtoekbrokors 
or lasUtoOena freoi £8X100- 
£50,000, plem ceaBcU 
StopOcn enMctDii or 
Elltoltalh Eaens 


St^:ihwAssodates 

littoiiatkinal Reniiitinent 

M Carter Lane, £C4V SBX, 

. Tefephflna0l-336730L 


APPOiHTMEHTS 
ADVERTISING 
APPEARS EVERY 
THURSDAY 

RATE £29.00 
Per Single Colnmn 
Centimetre 


CAREER MINDED 

PEOPLE required 

Who wish to earn an Income In 
excess ol C10.000 pa to join a com- 
pany whose' expansion plan* * art 
exciting, with irernondous eppoe, 
(unities to move into managsmdnt. 
The people saioei^ : witi pgseess ; 
drive and enthusiasm and.'m'ust bt 
eepable of working with the nilnl- 
muni of Mporvision'. 

ll.yeii Quefify. pfea*e rtna: 
Ffoaer Selth Schroder Lifa 
on OliOas Zlfi7 


WELL ESTABLISHED 

UCENSB> DEALER 
IN SECURITIES 

We are p«x -of a mum-netrenBl 
ergenJaation and urgently recrulre 
staff with snckmirfcet' axpartenea. 
g^ad in private client, bask oKica 
and other deparunentsi • Attreciive 
remunennon package negotiable 
according to age and- axpdriance. 
Ring Mr John'atono OMOS 02S2 . 


Intemal 
Auditor 

Merchant Bank 

c£17,000 

Our dient is un established Ciiy Mcrdiuni Bank _ 

whichisexpandingitsoperationsamj needs to rccrutl 

an experienced Auditor lo further strengthen iis 
oianstgemeni team. 

This key appointment will rcporl to the Managina 
Director and carry eonsidcrdbic influence across the 
entire range of the Bank^ activities. PartLmlur 
emphasis will be placed on the introduction ot new 
software systems. 

Candidates should be committed Ui a career in 
merchant banking aiming ultimately for senior 
financial manacement. Now in their laic 2(Js to eany 
30s, possessinaat least 4 years* inierml uudir 
experience wirhin the merchant banking sector, they 
should also have direct knowJ^ge of compuicr 
auditing techniques. A recognised ueeounnrig nr 
banking qualiticatioii would be adistincl advantage. 
The benefits offered are e.xeellenl and include a 
generous mort&agc subsidy. non-eontribiiior\^ 
pension and litc ;tfsurancc cover. BDPA and live 

wceJcs'holidav.A fully expensed comp.;inycai >Ml! be 

provided after an initial qualifying periud. 

apply please telephone or write quoting ref . ril (1^ 


LlqydChapman. 
Associates 

ISS, Mew Bond Street, LondBaWIYQHR 01-4997761 



TRADER TRAINEES - LIFFE 

We arealeading international tirtilrngfirmexpiimlini: 
foreign exchange dealing aetivitic.'s in the I .K. in 
conjunction with the opening of the Li>ndon lul».*r- 
national Financial Fuliuv.-^ Kxchange. Kxposnif.' ii* 
dealing and foreign language .skills would lieprelVuiidu. 

We are looking for individiwU with ii tn vear.'j' nl' 
piDfe-ssional experience, who h:ive diTiinn*.i!Mtcri 
success record.««. and for exceptionally laluntcrl, vf- 
cent graduates of Business Schools. You shi.>uld he 
open to tramiag in New York. 

Onr organisation oflevs exposm*e to many aspects of 
the world of Finance and Conunoditiesandyou wiilbe 
tisined by industiy esperts. 

ifyou are seeking a career op{K>rhmity in Ihe world of 
tradix^, have ade.<ire to succeed in this highly s( iimi- 
. lating, competitive enviionment and are mot Lvaied by 
A \fy>)|pu tr rewai'ds — this loay be tlie oppoi'tunhy for 
you. 

Compensation is competitive and tvb offer on unlr 
standing fiin^ benefits package. 

Please send yoor ^pUcation and full C.V. In cou- 

fidence io: 

» ■ 

BoxNoA. 7003 Fomncfal limes 
10 Cannon Street BC-fP 4BY 




Vi 


Marketing 
Financial An^st 

Lilly Industries Limited, a subsidiary' of the 
Eli Lilly Corporation, one of theworid's leading 
pharmaceutical manufacturers, has an 
excellent opportunity based at its Basingstoke 
offices for a Marketing Financial Analyst. 

. The position reports to the Croup 
Marketing Controller. The emphasis is on the 
Interpretation of financial and marketing 
Information and to work. with marketing 
personnel at ali levels. 

Suitable candidates must be qualified 
accountants with at least two years' post 
qualification industrial experience; ideally 
aged between 25-35; preferably a graduate with 
a high level of interpersonal skills. 

We offer excellent benefits and conditions 
which include a highly competitive salary, a 
nort<ontributory pension and life assurance 
scheme, subsidised BUPA and first class career 
prospects. • 



r 

Si- 

lOly 


lalBsliw 

\ 

UhH 




Bill Crawford, Personnel 
Department, Lilly Industries Limited, 
KjiTgsclere Road, Basingstoke. HANTS 
RG2V 2XA. Tel: Basingstoke 53131. 


Are you a successful 
PHYSICAL COMMODITY TRADER 

who would lifce the oppoitunity to start your own 
department/busini^ under our umbrella? 
Established, international Produce Merchants, with 
a very successful record of assisting prwen traders 
develop their own business, presently have resourtx's 
free to consider' one more such venture. 

Please iorife. rrith /«U detaibi, to: 

. ‘ Box A7909, Financial Times • 

10, Cannon Street, EC4P 4BY 
You are assured that replies and sub.<«cqucnt iiegniialions uill 
• be treated in the striciestconfidcortv 


RfiaTCareefM^^ 

Executive Devdo[m^^ 


Kx iMfi ria vias/I^o feaaiinTiala withskUIs, experimiice 
_ can be traixiedtbjiom our executive coimBellingteaoi. 
lb discus how, ^plam znotroaikm aiid C.V. to Peter Needh^ 

' ^ IV T Gardinei* Sfln.Needhaia ExeoAti^V Cdowol Ltd. 

■ >|- I ^ Rc>tIs Houses MindevhlePia^ London W.L 

' Sn DidM DnMiar^. 


COURIERS TO THE WORLD 
MANAGERS ^ 

Skypak, the. Australian<own^ intsroatioiial .ccmiier 
company, hw vacancies for Mahagew to take to 
W tions m. various parts of the world. 

Espeiiencc iii the courier industryjis not necessary 
out applicants will need to demonstrate the.ability to 
profitably manage personnel, accounting and sal^ 
and be prepared to live in South-East Asia, Middle 
hast or South Africa. 

Preferred age group is 28^5 years, either single or 
married, but persons outside this bracket will be 
consiwred. Salary ydll depend on location but, as 
a ^ide, includes car, housing allowance, medical 
. and annual leave traveL 

Interest^ pefams may submit full written det^ 
or tuephone for further information to: 

Chief General Manager / 

SKYPAK INT. (UK) LTD. 

Spitfire Estate, Spitfire Wav 
Hounslow, Middlesex TW5 91W 
Tel: (01) 561 2345 


BtJRMA TIMBER CORPORATION 

require a 

SAWMILL CONSULTANT 
RESPONSIBIUTIES - . 

Superrision :bf installation, and manag^ent of 
operation of a sawmill of annual capacity 17,000 
cu.m per shift, at Monywa (160 km from 
. Mandalay) under loan- proceeds of Asian 
Development Bank. 

Planning for and supervision . of the operation 
of five f'5) existing sawmills und^ the Project 
Training of local sawmill engin^r. 
QUALIFICATr<»JS 

A university degree or equivalent in Forestry, 
Wood Science or Engineering with Tnmimmn 
10 years" experience in sawmilling. . 
REMUNERATION 

I^nternationally competitive salaries to be paid 
in. U.S. Dollars, with free transportation and 
accommodation. 

CONTRACT DURATION 
.12 months. 

Send Bio-Data to: 

Managing Director, Timber Corporation, P.O. Box 206 
Rangoon, Burma, not later than 15 August, 1982 



AIR ZIMBABWE 

Applications are invited for the post of 

CHIEF INTERNAL AUDITOR 
OF AJR ZIMBABWE CORPORATION 

based at the C-oiporation’s Headquarters at Harare (formerly Salisbury) 
Aiiport,'2mbabwe« 

Applicants should be either CA, ACCA or equivalent, who have at least 
five years* post qualification auditing e:q>erien£e. A university degree in a 
relevant field and airline accounting experience would be an added 
advantage. 

This position calls for a person with the necessary organising abili^f* 
initiate and experience to establish a new Audit Department. 

In return the Corporation offers:- 

*An excdlent starting salary * 

"^Membership of contributory pension And medical aid schemes 
*Concessionary travel privileges 
*Generous leave 

Harare is a modern dty with good health, recreational and educational 
fadlMes, and eqjoys year-round sunshine. 

Interested persons are requested to send full details of curriculum vitae to:- 


Fu! and Mandly— right down tha line 


The General ManagN, 

Air Zimbabwe Corporation, 
P.O. Box AP.l, 

Harare Airport. 

Zimbabwe. 


Cmninereial 

Banker 

Nigeria 30/40 


cf25,000 


Oardleut alD^fiuce.in intemafibnal mardiant banking, is expanding their 
subsbastial coverage the Afiacaii contintmt by essfraWishing a&ll scale bankng 
entity in Lagos. 

l£eysedcaccanaeRialbanker,prderabIyadth.ezpeiienoeofthearea.to1ooik^er 
most a^)ects of senkn: levd Governmental and client contact, plus credit analjsisand 
assessment He vnll&rmpart of the Senior Managementteam. 

The job callg for a commercial banka: who has experience of eiqiatriate situations 
and vmo has the flair and esperience leml to fit quid^ into a zie\v eaviiozunent. 

The generoussaia] 7 mdicatedwjllbesai 9 lementedbytheusual expatriate boseBts 
jndudingyeady twomonth home leave, housing ^ 

Please write in the first in<etance to Colin Barry at Overton Shiriey and Barry, 
(Managfmmt CoDsiUtants). S^od Eoox; Mod^ House, 26 Hblb^ Viadud. 
Iondan£ClA2BP.Ibl: 01-583 1912. 


Overton Shirley 
emd Barry 



3EM 



NIGERIA 

We are looking for a 
Managing Director for 
; our office In Lagos. Appli- 
I cants should be single, 

' aged 30-40 and should 
possess a high degree of 
self-motivation as well as 
having general trading 
. experience, preferably > 
with Nigeria. | 

Salary negotiable. • 

FitU c.p. to: ■ I 

BoxA.7904 
Flnaneiai Times 
10, Cannon Street 
London, EC4P«BY 



iJlin n I 


ied 

ccountant 

Tax Free Salary 



SEARCH. SEUaKM AND RECRUriMENT ADVEiUISINa. 


Our c£eM,amajor<^xefioeiy Compaq, fscurrentiy-seeklnga 
Qualified Accountant whose main funbicm'irin be to control contractor 
espenditures, approve h nrig pta , rhpr3r wnri TTifmt frnr pm rhasp orders, 
pw ympnt tanTOj T Ip Hpt-s r>f g narantf^anri fhp r PmnriHBHQp nf 

canq»ny accounts. 

. l^pbsitionrequiresthesua£ssfulcaadidatefohaveh3d7yrats’ 
experience in all aspiects of accoiintiiig of which 3 years' ^lould have 
bem involved in project accounting preferablywithin the oilindustrjc 
Perfect English is esential and a working knowledge of Axai^ 
would be ideaL 

Ataxftee salary from£12, 300 is offered, with an attractive benefits 
packagewbichiiidadesiinaxiiedstatiis, freeah-cooditianed 
aocotnnnodation, dliildrenb edumiicsial acrigtaTira, coverage under the 
company's compeisatlon and term life insurance schemes, air passa^ for 
employee and family with annual leave of 45 days, free medical services 
and tenuination benefits. 

Heose wide or phone Jar <m appfioah'em fimn ftx R Banner-Mentny 
MiAIniemationt^ 11/32 HopoveiSieetf Laadaa WIS SHB 
Ibb 01-629 2350£xt 217. 


BURMA TWER CORPORATION 

require a 

WOOD PRESERVATION AND SEASONING 
SHEOAUST 
RESPONSIBILmES 

Supervision of installation and management of, 
operation of two diy kilns and two impregnation 
plants with annual capacity of 8,500 cu.m each 
at Monywa (160 km from Mandalay) under loan 
proceeds from Asian Develc^mentBank. 
Development of hardwood utilisation and 
practical training of local staff. 
QUALIFICATIONS 

■ A unit'ersity degree or equivalent in Forestry, 
Wood Sdence or Engineering with minimum 10 
years* experience in wood preservation and 
seasoning. 

REMUNERATION 

Internationally competitive salaries to be paid 
in U.& Dollars, vidth free transportation and 
accommodation. ‘ ^ 

CONTRACrr DLTIATION 
Five (5) months. 

Send Bio-Data to: 

Managing Director, Timber Corporation, P.O. Box 206 
Rangoon, Burma, not latv than 15 August, 1982 


Chief Accountant 

Middle East 
c £17,500 tax free 

Ihu is an exdoDg caieer (^^onumty 10 bead<4ip (be 
aocozmt^ funedoa ia a new veninR, pan ^ an essment 
iniamdonal group. 

Aged imder4S, you wQHuddaTecognizedaccoimtancv 
quaUficadem, have experience of retail trading, ud have the 

pfttennal to grow \wi1i a new ctwiii in tty q naliw f 

In an ^«pgn rimg mar fepir 

BeneSa include an opCB'eiuiBd cootiacc end an above 
aveiage cmidojuxient packaige. 

Hease send CV. to;- 

INTERNATIONAL MANAGEMENT 

selection UMIIED, ^ 

121, High SwetiOafardOX14DD. ^ 

Id: (0865)7^127 (24 hoomriu). / 


EMPLOYMENT 

CONDITIONS 

ABROAD 


LIMITED 

An International Assodatioo of 
Employers providing confidential 
information to its member 
organisations, not individuals, 
relating to employment of 
expacriaces and nationals 
'worldwide 

01-637 7604 


We are looking fc»r a 

GENERAL MANAGER 

for an 

American Multinational Company 

Our glass container machinery group' requires a General Manager for its 
marketing operations in the Far East, S.E. Asia and Australasia. The 
position is one of considerable responsibility and includes the following: 

— Stationed in Singapore. 

Management of operations through the companies in Tokyo and 
Singapore and liaison with the consultant in India. 

— (k>nsiderable travelling within the market area. 

— Ability to manage and motivate an international sales team. 

— A good knowle^ of management accounting, budgeting and 
market forecasting. 

Qualifications: 

— A university degree in mechanical engineering and/or business 
administration. 

— Experience in general management and marketing management 

— Knowledge of engineering production methods for a small parts 
production shop. 

— £bq>erience of working in the Far East an advantage. 

— Age not over 45. 

— An excellent knowledge of English is essential. 

Salary and benefits to be negotiated but will be commensurate with the 
position and the responsibilities. 

Please apply in your own handwriting and include a photograph; give lull 
details of education, training, experience and family to: 

The Personnel Manager 
EMHART ZURICH SA 
Seefeldstrasse 224, P.O. Box 474 
Ch-8034 Zorich, Switzerland 


COMPANY NOTICES 




BERENSCHOT • MORET • BOSBOmi 

4 NtthiriMd84»Md Intamalional management consulSng finn 

tHsenUy requlm 


BANKERS 


• ^edatitine In'cSsvelopinsnl andfsr eommerdal banking for . 
lon fl’tefTn assignments in davdoping counlries. 

SuecMsfol candidates will have: 

- senior management experience 
> profession^ banking qualKleations 

• alkaund barring experience Oniniinum 10 yeare) 

. experience in developing countries (minimum 5 years) 

• fiuency in English ancUor French 

You are tmriled fo write, giving fufl Mtans of qualifleatfbns and 
expenenee^ to: 

Bin. ManapMiwirt CerauHiiiBferDevelopmeM B.V, 

P.0, Bax 1.5000 -AA TILBURG 
The NcttMdanda, Tfi. miS4600S4 


FINANCIAL INVESTMENT COMPANY 

with piedeminantJy AunralMian iniensti' waks mp axacutivc 
whose aorHiutts enable htin to weik ai gnat disuncas Iram. bvi 
in close eenjuneilen with, the principal alianholding cempany, 
rhjs pesitlen (which could lead to ■ directorship) Is lo be based 
in Auttralii/Naw Zealand and ha demanda nace&sitata a seasenad 
aH.reunder (35-4S) whose inugritjr and cemmitmant u> wccees ere 
undoubted. An hiunidliie start Is snvfsagsd. 

In the Hm limnne* p/eea* wrAa xo: 

WALTONBRIDGE LTD. (Ref. J.C) 

13/15 Efevics Street London, W.1 
with' fu5 details and CV. tegathar whh anticioatad salary and wms 



SISEGTOR OF INTERNATIORAL AUDIT 

We are t hrge multinetienal firm with a challenging arecr 
opportunity in Intimstional Audit. This p«ition, butd in New 
City, offers the unique opportunity for travel tfaraoghouc 
Europe. S«ieh Aweria. and the Fir East to condu« financial and 
operacionei audits. Candidates must speak two w more ianguaias,- 
preftrsMy English, French and Spanish and have meanmgfal exposure 
to foreifiii exchange riilw. Specific experieiKe m puUic acmnting 
is required. Di^ree in Accounting or Fuianee with CPA or 
Chartered- Aeeaununey preferred. • 

respond fa confidence with salary MsCoiy 
•t»-auir re p re s en t e d **. Jnbn P. fimidcn 
lOHN P. fiUNDEN AND COMPANY 
PLO. Beat 9TK Upper Mentdair, New Jersey (RWI 
(Ml) 744-2WZ 


CLASSIFIED ADVERTISEMENT RATES 


Commercial, and hidnstiial Property 8.00 2 

Kesidential Property &00 2 

Appointments S.S0 2 

Business. Investment Opportunities 8.30 2 

Businesses for Sale/Wanted 8.50 2 

Personal 6.00 2 

Motor Cars 6.00 2 

Hotels and Travel 6,00. 2 

Contracts and Tenders 8.00 2 

Book Publishers _ net i 

Premlnm posltioits available 
(lOnJmnm .size 30 colnmn ems) 

484W per single eolnnm cm extra 

For /urfber deioils trnte zo: 

Oassified Advertisement Manager 
Flnaneiai Times, 10 Cannon Street, EC4F 4BY 


Per 

Sinole ; 
coiown ■ 

line 

cm ( 

£ 

£ ^ 

8.00 

2730 i 

aoo 

20.00 J 

&S0 

29.00 i 

&30 

29.00 ; 

8.50 

29.00 

aoo 

20.00 ' 

aoo 

20.00 i 

aoo. 

20.00 ; 

aoo 

27.50 : 


net 12.00 1 


HOPE STREET FUND SJL 

iKiata anonvB»e 
ReaUcreC OAcct 

LUXEMROURG. 1«. ru» Alrfriiwwt 
RnIsdv Ce Cwnmefce: 

Stclon B No. 8.6ZI 

NOTICE OF ANNUAL GENERAL 
WEETINC or BHAREHDLOERS 
Tbe Amtual Gmral MtetiM b* SRWf* 
iwWw* •! HOPE STREET FUND SA 
Mn be beW It lo regIswreU dOw st 
LUXEMBOURG. 1«. m Aldrlnern on 
jtrtT iBUt. 19B2. at 1S.BD neun 
ter tke amoM of comJBerlna wM 
«ocfnB wpon tbe tellowInB nwtMrvi . 
1. TO near aatf inaat the reowti or 

a. the tfirectars 

b. the W atu»y aaOlter. 

X-tb aaarera ttrr boiance Uicet aao 
' Me preet antf lew accoant for tfio 
year eoSeU Marcii 31 b. 19SZ and 
m cewlOar tfactarsHan of dividend. 

3. Ta dMctiaree tee dVeeten and tee 
avd>nr wtlk resR«R » tfwlr pw 
teraance of datfw evrtee tee veer 
ended Marte 31st. 19B2. 

4. To ele« tee director, to aerve anWI 
tee nen anniMl aencral meeUno or 
Uweholdera. 

STq etect tee asdltor to aerve nbl 
tec neot innaat oeneral meetina of 

tearetioigers. 

5. AOV other (nstness. ^ 

Tbo shnrwhSws are advised that 

no Quonira tor tee stebiterv meetlne 
» rfOub^ and that all daelvlofia will 
be token at tee maiorltv oT tee ahara* 
prnesT or raoresenicd at the meeting 
wHh tee restrictleR Ihot no ihBrO' 
holdfT neitetr bv biiwalf nor Or 
Brow un vote ter a number of snares 
In ncees of oacerui of tee shares 
inoed or torB-fiftht of the shares 
oreteet or reerweMetf at teo me etlne . 

ia onfer xo Uke Part at the strtu> 
tenr meeting of Jwhr IBth 19SZ 
tee emter* of beirer share* will 
have ID dea«rt their sham bre b»i« 
nesi days before tee meeting at tne 
reghtored o«ee of tee Fond. i*. 
roe Aidrfngen. Laaembeorg. or with 
one or tee tollewing banka: 

— BanRoe GMraie du Liotewboorg. 
SJL. 

l4. rue A/dringen. 

LUXEMBOURa 
— Cydt^ale a^k Limited. 

30 Lombanl SsreeL 
LONDON, E.C.Z. 

THE BOARD OF DIRECTORS 


MURATA MANUFACTURING 
CO., LTD. 

(COftS) 

The Board of Direccors of Murato 
MawfacTwing Co.. Ltd. has tnoeanceri 
tea; sh areboWwa, who will be 
rogistwed in the books of tee Cem> 
goRT on Jot, 20te. IBBZ ITcHcvo 
1'^?^ will be ettUded to receive a 
10% grabs disbHbtrtkon of aew sharw. 

Cooseeueetiv tbe andenlgited deste* 
MM dhr. «a. BO. 13 of the CDRa ter 
tets eorpose 

^ Ifl Japan the Shares n traded o> 
boeus as from Ifitb Jgiy, 1982. 

AMSTERDAM OEPOSrTARY 
. ^ . COMPANV N.V. 

Ajnstordam. 

Juur »». 1982. 


MURRAY RJND SJL 

weMtE ationvme 


Registered Oflleer 

LUXEMROURG, 1«. rue Aldrlngen 
Registre de Commerce: 

Secte p R No. 1 335 

NOTICE OF EXTRAORDINARY 
GENERAL MEETING OF 
SHAREHOLDERS 

An Exbaerdinary Coaerai Meeting of 
SharehoWwa of MURRAY FUND SUk. 
will be held at its re a l rtw ed elhee 
at UiXtoobourg, id, me Aldrteeen, 
on ^ely 16th, igS2 at 1S.15 boun 
ter tee pvpose of considering and 
vodne upon tea fbUowtng matters: 

1. TO amend tea dete of tha ordinary 
ganereJ meeUnp of thareheUars 
whldh will be hNd In futere on 
the second Friday ef the month of 
Auouat and for the brst dme on 
teat date In tee veer 19S3. 

2. To renew tee auteorisatlon to the 
Board of orecters d Iboc addh 
tienal ahares wttfain the auteOflMd 
capital tor ■ furtear hve voir period. 
Shartbolden arc 'advifed . teat tee 

nBOrDiA rcRulred at the meetinf la 
the holders present hi aar a on or by 
proxy of at leaat 50 par xant ef tee 
sharw of tee company In bseto In 
the event teat a eoeruffl Is not wuint 
a fceenri Moating, at which tewe will 
bo no quorum pcqnlrement. mar be 
eofivened by farther netle» 

In accordance with Luxembourg Uw, 
tee Rcselirtlens to be prenoied on 
tee above Agenda and at any saeend 
Maac i wg, will require the eoncurTefiee 
of two-nirdt Of tee total number of 
■iureg represented at th* MecM^. 

In order to take part at tea atitatery 
ganaral meatlng of July IStb. 
1982 tee owners of bearer shares vrlH 
have to deposit their shares Eve deer 
days before tee meetinf at the 
registored oMeo of the Fund. id. 
nw AWrtegen. Liocemboarg, or with the 
fbliewInB banks! 

— Banquo Generate du LuxembeurB. 
&A.. 

Id. rue AWrliMHA, 

LUXEMBOURG. 

Cfydaidale Bank Limited. 

3D; Lombard Staeet, 

LONDON. E.C.2. 

THE BOARD OF DIRECTORS 


MURRAY FUND SA. 

societe anonvme 
Reulstared Omce: 

LUXEMBOURG, Id. nic Aldrlngen 
Reglcse de Commerce; 

Section B No. B.33S 

NOTICE OF ANNUAL GENERAL 
MEETING OF SHAREHOLDERS 
Tbe Annual General Heccing ef Siure- 
hoWen of MURRAY FUND S.A. 
will bo held at Its regMemd otliee at 
LUXEMBOURG. Id. rue Aldrlngen on 
July I6te. 1982, at 1B.D0 hours 
for the puraeae or eonsMarlng and 
veUno upon tbe following mettors: 
t.'To hear and aceeat tee reaorts oh 

a. the dfatetors 

b. the statutory auditor. 

2. To approve the Mance Sheet and 
the era&t and loas account tar tee 
yev ended Mardh 31st. 1982 and 
to consider declaration or dividend. 

3. To nischaroe the directors and tec 
audftDr with respect to their per- 
formance of duties during tbe vear 
•ended Merch 31st. 1982. 

d. To elect the directors to save until 
tee next ennuel general meeting of 
slMrebolders. 

5 To elect the euditor to serve unt!i 
the next aiinual eeneml meeting of 
shareholders. 

B.Any other business. 

The iharehaWers ere advised tiiM 
no quorum fer tite statuary meeting 
Is' required and test all decisions win 
be token nt tbe malorlty ef tec shares 
present or represented at tee meeting 
with tee rcsh^etlen that no share- 
heldor nolther by himselt . nor by 
prcucy can vote for a number of ahares 
In exeeiB of one^fte of tee shwe* 
Issoed or two>fltths of tbo shares 
preient or represen te d ot the meeting. 

in order to tike pwt *t the stetu- 
tore meeting ef July I6te 1982 
the owners of bearer sharec will 
have to deposit their sbara ft»e bust 
ness days beferp the meeting st the 
registarad oRice of the Fund. 14. 
rue Aldrlngen. Luxembourg, or with 
one ef the following banks: 

- *enqiio Cdniralo du Luxe m bourg, 

LUXEMBOUR& .... 

— Clydesdale Bank Limited. 

30 Lombard Steeet, 

LONDON. E.C2. 

THE BOARD OF DIRECTORS 


- HOPE STREET FUND SJL 

■oeiew anenyma 
Registered othee: 

LUXEMBOURG. 14. nw Aldrlngen 
Commercial Reglsten 
Section B No. 8,621 
NOTICE OF EXTRAORDINARY 
GENERAL MEETING OP 
SHAREHOLDERS 

An CxOtoerdlnary General Meeting of 
Sharebolders ef HOPE STREET FUND 
SUL, will bo heW «t Ito registered 
olhee at Luxembourg. 14. me Aldrliv 
gen, on July 16th, 1982 at ISXS 
neurs tor the aurpose mentioned and 
voting upon the following matters: 

1. To amend tbe date ef the ordinary 
gaiieral meeting of shareholders 
which will be held In future on 
the second Friday ol tnc month o' 
August and tor the hrst time on 
that date In tee year 1983. 

2. To renew the authortHtion to the 
Board of DIreetors to issue addi- 
tional sltores within the authorised 
aaltai for a further Ove year period. 
Sharebolders ere advised teat the 

oaorum required at the meeting is 
tec holdtei preaeat In penon or by 
proxy of at least 50 per cent of the 
ahares ef tee company In issue. In 
the event that a quorum Is net present 
a seceod Meeting, at which there will 
be no quorum reaulremmt, may be 
convened by further nrtce. 

In accordance with LuxMtMurg Law. 
m Resolutions to bo orooosed on 
tiK above Agenda and at anv second 
Meeting, will require the epneurrmee 
ot two*te1rds qf the total number of 
shares represented at the Meeting, 

Iq order to toke part at the statutory 
gensfal meeting of July 16th, 1982 
the owners of bearer shares will 
have to deposit their shares hve clear 
days before the meeting at the 
regictered oiAee of tee Fund, 14, 
rve Aldrlngen. Luxembourg, or wite 
the follewing bunks: 

■ Binque Gdnerale du Luxembourg, 
ScA.. 

14, roe Aldrl 

















34 

Companies and Markots 


Financial Times Thursday July $1^ 


new YORK 


Stoek 


July I July 
6 I 2 


ACF Indiutriea... 

i«. 

ARA.. 

.. A8A.» I 

i • Avx Carp 

_ Abbot Labs.. 

. AcmeClewe .1 

‘ Adobt Oil ft Oat ' 
‘ Advaneod Mlcroi. 
r' Astna Life ft 6u 
'1 AhimnMn 'H.P.V 
. Air Prod ft Chem 
Akzena 

• Albany 
Albarto^lv.. — ' 

*' Albortion'»-i 

' AieanAluminlum, 
I Aleo Standard.... 

Alexander ftAt...' 
■' Aiegheny Int......' 

1' Allied Carp 

I Allied Store! 
Allis^balmera, 
Alpha Pertd 

‘' Aleea ...' 

I Amal. Sugar 

Amax ..I 

Amdahl Corp.,.,.' 
Amerada Hau... 

' Am, Airline! i 

Am, Brand! 

17 Am, Broadeaxfgl 

' Am Can 

Am. Cyanamld...,' 
Am, Eleet. Powr.i 
- ■ Am. Expresa ...... 

• ' Am. Qen, lnanee .1 
' Am.Hoiitft Dk...' 

• Am. Home Prod..| 

• Am. Heap. Suppyi 
Am, Medidal Inti I 

-Am. Motor! 

: Am. Nat. Reaeea.' 

‘ Am. Petfina j 

' ' Mn. Quaiar Pet„i 


30SS ' SOI! 

19 ! I5U 
s?ae ‘ S7ig 
S6i« t 87 
1718 I 17 

aai8 ; zbjs 
le iTM 
151c IBlc 
2ilS S3H 
S3«c 34 m 
8ii ; s 

89M I 8BU 
15M 1688 

82Sa 8S 
121i ISU 
323i 327| 

17m . 171a 

20 ' SOU 

S4U I 84U 
SSTa S3U 
291a ! SOM 
S7T3 I IBM 
1819 189a 

I2lg I 18U 

23 ! S8i« 

47l| [ 4SU 
20U I 20 
173c lau 
16 ; teia 

17U i 17>8 
seu ! 399g 
37 ! 37M 

2618 asu 
20 U aeu 

161a 16la 
36U I 38Tc 
36U 41 ?b 

IIM 12 
371a I 37M 
42U 43 U 

20 aosa 
3U 3U 
303a I 30Sg 
66i| t 6618 
6U 1 71a 


I Am. Standard.... 
> Am. Store!...,... 

Am.Tal.ftTel 

-- Amatakine 

I Amfae 

AMP. 

■ Amstar 

i Amvtaad Inde..,. 

Anchor Hockg... 

‘ "AnhauaarBh 

Archer Daniel!. 
' Armeo 

, ArmitronsCK.... 

• AwmereOll. 

. AMreo 

■ AehlandOll 

, Aud.O.Geodi... 
' Atlantic Rich 

Auto- Data Prg... 

!veo 

Avarlnytl........ 


I 21 
: 43U 

I 60 

. SSU 
! 203c 
: 51 
I 22Sc 

asu 

14 
51U 
lau 
: 166a 

' leit 
73 b 
: 21U 
' 241a 
3238 
36 
. 22 
163i 

' aau 


Avnet. 

Avon Prod ; 

, Baker Inti ! 

BaItGaiftEI.....' 

' Ban Cal 

R. Bangpr Punta ...i 
'■ Bank America ...j 

Bankcf N.Y ' 

-Banker! Tet H.Y.i 

‘ - Barry Wright 

' Bauach ft Lomb.' 
<; . Bsxt Trav LBb,..j 
> Beatrice Food!..., 

^ Baker Inde ; 

; ' Bell ft Howell 
' Bell lndu!triei ... 

Bendix i 

Beneficial 

Bath Steel 

. .Big Thee Indi.... 
Black ft Decker..' 

Block HR- 

Bue Ball. 

Boeing 

. Boise Caaeade....: 

Borden 

' Borg Warner.,,,.' 
Briggs Strain 
Biiatol-Myers...., 

BP 

Broekway Olaaa.' 
Brown Forman B 

Brown Grp 

• Brown ft Sharp... 
. Brewng Ferrli... 
Bninswiek........ 


Bueyru*-Cna ' 

Burlington Ind ...i 
Burlington Nrthn' 

Burndy . ..I 

Burroughs. 

CBi Ind! 

CBS 

CPC Inti 

CSX 

Campbell Red L.| 
Campbell Soup..., 
Campbell Tapg 
Canal Randolph. 

( Can. Pacific 

Corlisle Corp 

Carnation 

Carp Tech 

Carter Hawley ...i 
Caterpillar . 
Celanese Corp...< 

Cental 

^■Centex 

Central ft Sw 

Central Seya..'....i 

Certaln-teed , 

Cessna AlrorafL., 
. ChampHomsBId; 

; Champ Int 

. Champ Sp Plug..' 

'ChartarCe 

1 * Chase Manhatt'n' 

. Chemical NY. 1 

' Cheicis Pond 

’• - Chicago Pneum.i 

. Chrysler 

. Chubb I 

Cigna 

.CindnnBtl Mil....'. 

Citicorp 

Cities Servlee.,.,.'. 

City Invest 

Clark Equipment 
Clove emit Iron, 

. Clorox 

'ClueKt Peaby .... 

"Cecil Cola 

'/Colgate Palm-... 

. Collini Alkman., 

' Colt Ind! 


I 193« 

4SI| 

I 60U 

I 25Ss 

! 21 

i 60 m 
22S« 

\iv 

I 163* 

1 

I 167a 

71a 

I 21 

. 25i| 
' 3238 
I 37U 
! 23sa 
; IBM 
; 26U 

I 41 U 
233} 
22m 

I 24S( 
I 22 

13M 
17M 
383< 
27 
14 
41 If 
34U 
ISU 
6U 
197! 
16 
4BU 
16 
I 

15U < ISia 
17Ta : leu 
13M 
27M 
2434 
ISU 
21H 

SIM - .. 
3BU I aSM 
24U ; 24ss 
64U ‘ 64 
181| i 183« 
14 14 

323| 32M 

36 U 3834 
1278 12M 

26ta ; 26i| 
20te 1 .203s 

IIU ] llTs 
19 I 13U 
41 41M 

17 17 

iOM I aOM 
36 I 36M 
36U i 36M 
34M 351« 

38U I 38(4 
8M i 91| 
36U > 36U 
ISU I 2S3« 
38l| , 3SU 
193s : 193| 
lOiH < 20U 
3H| j 31U 
32U 32 


40 U 
24M 
23 
241fl 
22 
133b 
17 
S77b 
26Ss 
14 
41l| 
35i| 
19 
SU 
I97s 
15U 
47 m 
151b 


133s 

2734 

2431 

1938 

21M 

32M 


13U 
37ig 
43M 
SO 
20 U 
16U 
107a 
IIM 
1534 
2U 
lau 

8M 

8m 

seu 

287b 

31U 

12U 

7 

36U 

32 14 
19M 
84lf 
53 If 
1834 
20 
171p 
141* 
17 
33 .M 
171* 
13M 
24 


j 13 m 
S 7U 
I 43 
: so 
> aiu 

■ 151b 

I 1078 

; ItM 
16 
2U 
12U 
' SlR 

■ 81b 
I 40l| 

30 

31M 

12U 

7 

1 36l| 

S3 

19 iB 

asiR 

547* 

X 8 sa 

203b 

ISU 

13U 

I 6 T 1 

»7fl 

17U 

131b 

2414 


Steak 

July 

July 

8 

(tolumblBaas— , 

soil 

SOM 

Combined Int*.,. 

IBM 

19M 

Cembustn. Eng.. 

231b 

23M 

Cmwith. Edleonj SOM 

aui 

Comrru Batellte.. 

82M 

52 14 

Comp, Selenea... 

18 

18M 

Cone MIIlL 

88 

86 

Cenrae 

23M 

asM 

Cons Bdinn ..._ 

171* 

17U 

CenL FoodL 

54U 

3449 

Cons Freight 

36 

36M 

Con. NaL Gas 

841& 

84ls 

Conmuer Power 

1714 

17 

ConLAir Line!... 

4In 

4U 

(tontl. Corp 

92Sa 

2518 

ContL Greua . 

86M 

86ig 

Conti, iiiinoit...... 

80M 

82 

ContLTelanh 

16 

16 

Central Data 

84Is 

asM 


Cooper Ind! 

Ceors Adolph.... 

Copperweid...... 

Coming OImb ... 
Corroon Blade... 
Cox Broai-easf g 

Crane 

CrooJur Nat. 

Crown Cork ..... 

Crewm Zell 

Cummlni Eng 
CurtiM-Wright ..I 

Damon J 

Dana —..I 

Dart A Kraft 

Data Gen 

Dayten-Hudaen ..! 

Oaera,: 

Delta Air 

Danny's. ...j 

I 


BBU I 26 
lOU 1 ION 


13A« 

45U 
20 
28 Ib 
2SM 
254 

24U 

IBlg 

2834 

37U 

6 

251b 

BlSa 

24m 

357b 

2418 

3278 

2578 


131a 

43U 

19U 

2478 

2478 

28 u 

34 
1938 
29 14 
38 
61b 
26Sb 
S lU 
337 b 
36U 
241b 
334 
2434 


Dentiply Inti j 

Detroit Edison...! 

Diamond Inti I 

Diamond Shank.*' 

DiGiorgie 

Digital Equip 

Dillingham 

Dillon .........I 

Disney (Waitl...... 

Dome Mine! I 

Donnelly (RR) 1 

Dover Corp 

Dow Chamleel ...j 

Dew Jones 1 

Dresser 

Dr. Pepper 

Duke Power.... 

Dun ft Brad.. 

Du Pont 

EGftP 


Easee. t 

Eastern Airlines. 
Eastern Gas ft F.j 
Eastman Kodak.. 

Eaton..... - 

Eehlln Mfg.. I 

Eekherd Jaek...j 
Eleetrenio Data^ 
Elect. Memories.! 

El Paso - 1 

Emerson Elect.^ 
Emery Air Fgt....| 

Emhart...... 1 

Engelhard Corp„i 


Eniereh ....| 

Esmark 

Ethyl 

Evans Prod 

Ex Cello 

ExTun 

FMC 

Pabergc............| 

Fedders I 

Federal Co 

Federal-Mogul.... 
Pad. Nat.Mert.... 
Fed. Paper Brd.. 
Fed. ReeoureesJ 
Fed. Oe(L Storesl 

Fleidereet Ml 

Flrectone.~- I 

1st Bank System, 
lit Charter Fln.J 


233! 

IIM 

39 

20 

84 

66U 

104 

8034 
58M 
678 
4018 
80 4 

IS^ 

1638 
13U 
81U 
66 U 
S3 
16 


[ SSM 
I llM 

39 

I 20 

I 81^ 
! 66 
I 10S| 
214 
5778 
64 

40 

, SOM 

! 2078 
I 40U 

I 16U 
134 

I 81 U 
6638 
I 33 
I 161| 


184 i IB 


64 

16 

73 

25 

184 

IBS 4 

864 

44 

1738 

44 

74 

8996 


64 

164 

724 

8 BU 

124 

IBTb 

2634 

44 

18 

4378 

74 

894 


IflU I 19 


174 

444 

80 

74 

284 

264 

247b 

144 

su 

23 

204 

10 

1Q4 

04 

414 

21 

114 

29 

104 


IstOhleage ism 

letCItyBenkTM I97a 

1st Interstate 2234 

let Mlssiselppl... 6 

1st Nat Boston.. 234 

1st Penn 874 

Pisans.... 61s 

Fleetwood Ent.. 16U 

Pioxi-van I87s 

Florida Pwr ft L. 32 m 

Ford Motor 884 

Foremost Mdc... 893a 
Fostervi^eelir... 114 
Freeport McM..,. ISsa 

Pruenauf. 18U 

GAP ; 11 

CATX 244 

GTE Corp. I 274 


Gannat 

Gelco 

Gen Am Invest .. 
Gen Cinema .... 
Oen Dynamics .. 

Gan Eleetrlo 

Gen Feede 

Gen Instrument! 

Gan Mills 

Gan Motors 
Gen Pub Utilities] 

Gen Signal 

Gen Tire J 

Genesee ...... 


384 

1434 

1434 

41 

SB4 

64 

S7Ss 

344 

414 

444 

478 

3834 

234 

4 


Genuine Partt 
Georgia Pao.,, 

Geoieurcc 

Gerbas Prod... 

Getty OH 

GIddings Lewis 

GJUette 

Global Marina. 
Goedrich iBPi, 
Goodyear Tire 

Gould 

Grace. 

Grainger (W.W) 


.1 36 
. 144 

.1 434 

.1 28U 
.! 47U 
< 864 

. 334 
.1 9M 
. 184 
24 

.! 834 
.: 3234 

.; 37 u 


177a 

444 

804 

77| 

244 

274 

2434 

144 

. 34 

23U 

SOU 

10 

194 

04 

4S 

21 

IIU 

294 

lOU 


163< 

SlU 

S3 

.J" 

3 

6 

ISU 

19U 

32U 

22U 

30U 

. 

: 167b 
i 1678 
ll)l 

I S4U 
I 874 


S3U 

147k 

154 

41 

974 

634 

374 

344 

41 

437| 

47t 

334 

254 

44 


364 

144 

434 

284 

494 

123« 
337a 
97 b 
IBM 
: 244 
. 83U 
I 323* 
; 374 


Stock 


July 

6 


July 

S 


GLAtl.Pac.Tea. 
Gt. BaalnsPet.-.l 
Gt Nthn.Nekeon 
GLWestFinanelJ 
Greyhound ....... . 

Cfumman. 

Gu r ft Weston. 


Gulf Oil 1 

KaiirFB) 

Halliburton 

Kammermill 
Handlemm 
Hanna Mining ,...! 
Harcouit Braee.1 

Harris Banep 

Harris Corp 

Hariea 1 

Heela Mining..,,,! 

Heinz IHJI .....I 

Haller lntl-.....,..( 

Hereulea 

Hershey 

Heubicin ....^ 

Hewlett Pkd i 

Hilton Hotels...... 

Hitachi 


Holiday Inns.....] 

HeilySugar. 

Komeetako 

Honey%vell.........| 

Hoovar 

Hoover Uni 1 

HarmalGeo.V.....| 
Hospital Corp,...! 
Household lnti....j 

Houston Inde 

Hudson Bay Mng.| 
Hughes T 00 I .....1 
Humena...........| 


Husky Oil 

Hutton (ER ... 

IC Inde. 

lu Int 

Ideal Basie Ind... 

Ideal Toy 

ICI ADR ..I 

Imp Corp Amer.J 



Ingarsol Rand...! 
inland Btaol 

Intel ...J 

Inter Rret Corp..' 

Intarlake ! 

Inter North 

IBM __l 


n i- 

314 1 3178 

IIH I 114 

131a ! 134 
894 8SU 
1879 184 


87U 

864 

864 

23 U 
1834 
26 
154 
334 
844 
164 
84 
324 
16U 
1778 
OIU 

394 

404 

384 

814 


; 874 
8678 
' 264 
I 234 
124 
844 
ISU 
234 
84 

1 

3178 

164 

1778 

414 

404 

404 

327|| 

1 21i| 


264 I 
32 I 
194 I 
664 , 

104 

16U I 

194 I 

284 

1B4 

184 

IIU 


863t 

53U 

2Q4 

66 

10>H 

16U 

1978 

88 U 

18U 

184 

11 


17M 

1 17T| 

84 

1 24% 

4M 

1 

84m 

24% 

SOM 

I 50% 

109s 

10T| 

15% 

! 16% 

18% 

: 12% 

SM , 

i 8% 

4% 1 

1 4la 

6*! 1 

1 6% 

SBM 

1 5B% 

80% 

20% 

30 

30% 

22M 

23 

23% 

i 35 

26% ! 

! 26% 

60% 1 

1 60 


inti. Flavours.....! 
lntl.Harvaitor,...! 
Intl.lneema Prop. 

Inti. Papar 

InLRaetIfler. ! 

lntl.Tel ft Tal | 

Irving Bank....... 

Jamas fFS).......| 

Jeffn-Pilot I 

Jewel Cos.......... 

JImWaltar. 

Jehnson-Centr..,: 
Jehnaon ft Jnt,...j 
Johnthan Log an J 

Joy Mnf.. 

K. Mart i 

Kaiser Alum......' 

Kaiser 8taaL. 1 


814 I 814 
4 I 41, 
9U I 9U 
367| I 364 
10 : 978 

834 234 

35 35 U 

214 81U 

24 ! 244 


384 

197s 

21 

3678 

14U 

224 

164 

114 


384 
204 
80 4 
384 
14 

224 

18 

124 


Kanab SanrleeaJ 
Kaufman Brd.....j 

Kay Corp 

Kailogg — : 

Kennametal ...... 

Karr-MeGae..... 

Kidda 

Ximberty-Clark . 
King's Dept SL...! 
Knight fldr. Nws.: 

Koppers.. .......I 

Kroahlar. 

Kroger.. I 

LTV.,.. ! 

Lanier Bus. P^- 



LoaMway Tram j 


Lenox.. .....J 

Levi gtraua^.....! 
Levlto Fumtr. 
Ut^Owane Fd.j 

Uly lEin. r 

Unooln Kai.M.. 
Litton Inds........ 

Lockheetf........ 

UMWIn 

Lone Star Inda... 
Longa Drug Btra, 
Louisiana Land... 
Louisiana Pm,,... 

Lewensteln 

Lubrlzcl 

Lucky Stra 

MiA Com. Ine 

MCA. 

MacMillan .........1 


Mac. 

Mfers Hanover .,,,1 
Manvilla Corp...., 

Mapeo .....I 

Marine Mid. 

Marriott 

Marsh McLeen... 

Martin MtU, 

Maryland Gup... 

Masco. 

Massey Fergn. 
Meet MutU&rpJ 

Mattel 

May OepL Stra..i 


17U I 174 


124 12U 

67a 7 

84 9 

26 ' 264 

844 ! 894 
29 ' 314 

204 t 804 
687a ! 

14 I 
304 I 
13 

84 ! 

304 I 
104 ' 

144 4 

214 I 
274 


594 

14 

304 

13U 

778 

344 

104 

144 

224 

28 


374 

224 

284 

22U 

66 

374 

41?| 

937| 

864 


374 

227s 
864 
284 
654 
374 
■ 414 
63 
87 


201a I 204 
30 304 

874 ' 277s 
151a I 17 
26 ; 2578 

1? I 174 
134 I ISU 
13U I 164 
694 I 89 U 
134 i 134 


Maytag 

McCulleah I 

McDermott (JR).. 
MeDenalds.......l 

McDonnell Oeug| 
MeOraw Edleon.' 

MeGraw-Hill ! 

McLean Trukg 

Mead 

Madia Genl 

Medtrenle 

Mellon Natl ..... 

Maivllla 

Mercantile Sts,.,. 

Merck 

Meredith 

Merrill Lynch ...| 


374 I 

f!**! 

884 
187, ; 

384 ! 
2978 I 
83 
364 
3178 i 
2 
18 
144 
274 


274 

94 

174 

704 

354 

27 

484 • 
144 ’ 
16U 
344 
454 

SOU 
464 : 

65 

66 
584 
84U I 


37U 

264 

114 

384 

164 

334 

30 

83U 

364 

38U 

14 

174 

144 

27 


28U 

94 

174 

714 

361q 

874 

484 

14 

16U 

344 

46 

3014 

464 

647, 

6 S 4 

684 

894 


WORLD STOCK MARKETS 


Stock 


July I July 
6 8 


MGM : 6U 

Metromedia. 828 

Mitten Bradey..-.. 177, 
Minnesota MM...; 6 I 4 

Missouri Pae 664 

Mobil ; 214 

Modem Merehg. 10 

Mohatoe. ifU 

Monarch M/T I 64 

Moore McCmrk..| IS 4 

Morgan (JPi , 60u 

Moiorolo 504 

Munsingwear.. .| IBU 

Murphy (GCi... ... I3<e 

MurhyOH I 194 

Nabisco Brands.. 344 

NeleoChaRi.......: 204 


NaL can ....; ISTs 

Nat Detrett. ; 204 

NaL DisL Cham. J 2014 

NaL Gypsum 184 

NaL MedieaiBnt 134 
Nat Semieduetr., 80 
NaL Servlea Ind.. 84 

NaL Standard ^94 

NaL Steel. i 144 

Notomaa 154 

NCNB ! 124 

NCR...... I 80?! 

New England EU 28 
NY Stole E ft G..! 17 

NYTImes I 394 

NawmontMInlntf SSU 
NIag. Mohawk...! 124 

NICOBIne.. j 87 

Nielsen lACIA...) 46U 
NL Industries..-.! 17 tb 
NLT. .....I 39U 

NorfblkSeutharn' 464 

Nth.Am.Ceel | 274 

Nth. AmJPhlllps. 364 
Nthn.8totePwr.J 864 
Nerthgata Exp...! 27, 

Northrop | ^4 

NWest Airlines...! 27U 
NWesttencorp.... 19 

Nwestinds ! 494 

NwaMn Mutual... 84 
NwestStaal W...I 164 

Nertan..... 89U 

Norton Slmen«...! 174 
Oeeldcntol Pst...j 184 
Ocean Drill Exp..! 16a< 

Ogden ....; 184 

OglIvyftMrth I 31U 

Ohio Edison ! 184 

Olln.. I 187a 

Omark...... 146t 

Oneok...... ....! 284 


Outboard Marine: 
Ovarseae Ship....- 
Owens-Cernlng ..1 
Owent-illlnols....' 

PHH Group : 

PPG Inda 

Patast Browlng...- 
Pae. GasftEteoL' 
Pae. Lighting ....< 
Poo. Lumber....! 


I 6 U 
228 
1778 

514 

! S43« 

f 214 
I 101, 

I 114 
> 164 
I 58 
- IBU 
! 504 
!'604 

I 134 
i 194 

344 
. 20U 

t 

I 154 

204 

SOU 

184 

134 

:iS3 

= lS4 
1 154 

; 184 

I 614 
; 274 
I 164 

|li^ 

lil’* 

I 36 
184 

I 374 

I 464 
I 274 
364 
864 
h 3 

: 464 
I 264 
I 184 
I 60 
84 
: 164 
I 89 
i 17 U 
184 

lau 

; 184 
! 31U 
i 124 
! 19U 

. 14'* 

89U 


134 t 33U 
134 I 194 
16 : 167 b 

834 834 

19 I 19U 
324 33l| 
204 I 2078 
834 284 

254 184 

164 I 164 


Palm Boach.—.. 

Pan. Am. Air 

Pan. Hand Pipe.. 
Parker Drilling .. 
Parker Hanfn... 
Peabody Intt...., 
Penn Central.... 
Penney (JCI.._. 
Pannzall. ....... 


184 
i 34 
I 83 

! 184 

! 54 

361, 
‘ 274 


164 

2U 

SSU 

114 

184 

64 

864 

374 


Peoples Energy..; 

PepsiCo ...... 

Parkin Elmar-....' 
Petrie Stores.....' 

Petretane 

Pfizer 

Phelps Dedge*...' 
PhliaEleet.....:..., 
Phllbro Sal'n Ine., 

PhlllpMorris. ! 

PhllllpePat 

Pfllbuiy : 

Pioneer Corp..... 
PItney-Bowes...' 

PIttoton [ 

Planning Ree'oh.' 

Pleaaey 

Polaroid..... 

Potlateh I 

Prentiee Hall..... 
Proctor GamMeJ 

Pub. 8arv.Efta. 
Pub. 8. Indiana... 

Pu rax 

Purelater ......... 

GuakerOato 

Guancx. 

Gueater« 

RCA 

Rataon Purina,... 
Ramada Inni..... 
Rank Org, ADR... 

Raytheon 

Rasding Bata! ... 

Redman Inds 

Reeves Broe 

Reiehhold Chant 
Republiebane .... 


22U I 224 

84 [ 84 
38 384 

177s 174 

88 21U 


144 

6278 

324 

137a 

844 

474 


14 

544 

284 

137, 

244 

48U 


3 OI 4 i 304 


Republic Steel. 
Reach -Cottrell.. 
Resort Ind A.... 

Reveo (DSI....... 

Revere Copper. 

Revlon 

Rexnerd 

Reynolds (RJ)„. 
ReyneldB MUl. 

Rita Aid 

Roadway Expe. 
Robbina (AH).... 
Rochester Gas. 
Rcckwcll Ind 
Rohm ft HaaL.. 
Rellln! ...... 


Rcim ........ 

Roper Cerp...... 

Rowan ....... 

Royal Crown,. 
Re^ Dutch..... 
Rubbermaid .... 
Ryan Hemes....' 
Ryder Syetam .... 
SFN Companies.. 
SPSToohnoLgl' 
BaMno Corp-....! 

Safeco. - 

Safeway Stores..- 

tL Paul Get j 

SL Regis Paper,, 
•ante Fe Inds, 

Saul Invest 

Sehering Plough. 


384 

174 

314 

147b 

64 

804 

174 

834 

87 

824 

194 

23 

264 

33U 

394 

au 

tau 

184 

13 U 

S'* 

24 

384 

184 

18 

697| 

104 

874 


ll'- 

19 

27 

9 

864 

9U 

444 

30>8 

314 

374 

184 

135, 

31 

49 

184 


284 

10 

10 

18 

304 

40H 

144 

884 

174 

ISU 

34U 

38 

314 

38 U 

317b 

184 

54 

89 


384 

174 

314 

144 

64 

78U 

174 

834 

27 

88 

194 

234 

87 

384 

89 

8 U 

134 

164 

13U 

!*• 

24 

364 

ISU 

18 

6978 

104 

281, 


174 

114 

19 

aeu 

! 25U 

' 94 

' 444 
204 
' 314 
I 864 
124 
134 
304 
49 
134 


28 

10 

94 

174 

304 

414 

144 

284 

174 

134 

344 

384 

304 

37 

824 

i64 

54 

294 


Stock 


Sehlumberger., 

8CM 

Scott Paper — 

Scacon - 

Seagram 

Sealed Power .. 

gearla (CD) 

Sears Roebuck. 
SecurlW Pao..... 

Sedeo 

Shell Oil,. 

Shell Trans 

Iherwin-Wms.. 

Signal 

Slgnode 


Singer l 

Skyline 

Smith Ind.. 

Smith Kline Beak 
Sonaeto Inti...... 

Sony 

Southeast Bankg 
sfh. cal. Edison 

Southern Co. 

Sthn. NaL R«l ... 
Sthn, N. Eng.Tal. 

Sthn. Pad^ ' 

Southland! ....... 

S.W. Baneaharat' 
Sparry Corp...... 

Spring Wills.. , 

Square D 

Squibb 

8TD Brands Paint 


Sid on Oltfomia.1 
8td Oil Indiana...! 
std on oh«o.......i 

Stanley Wks. : 

Stauffer Chem..l 
Sterling Drug.,...i 

Stevens (J.P.7. 

StokalyVanK.... 
Storage Tech 

Sun Oo 

Sundslrond 

Superior Oil.. 

Super Val Stri...| 

Syntax.. I 

TRW.... 1 

Taft 

Tempex .... ......1 


^ July < 

July 

6 1 

2 

'86^4 

33% 

22% ' 

8i% 

14% t 

14% 

21% ' 

22 

4576 

46% 

31% : 

.’11% 

' 33% 1 

33% 

IS ’ 

18?« 

2S% . 

26 

2BU 

BBrir 

1 34% : 

34% 

' 85% . 

26% 

21% ! 

81% 

‘ 13% ^ 

13% 

. 42% 1 

4B% 

> 7% 1 

7% 

1 18% 


! 18 , 

147* 

; 88% : 

83T| 

? 62 

S3 


tau ; 124 
1478 , 144 
SOU I-30U 
124 I 184 
224 I 284 
417s 1-4214 
294 I 30 
334 - 334 
234 > 234 
214 ! 214 
S44 : 264 
844 244 

354 . 344 
24 I 944 


2778 274 
364 ■ 394 
294 ! 304 
137b I 14 
184 IBU 
20U t 204 
144 ' 144 
894 ! 30 
20 ; 197, 

324 / 394 
264 ‘ 2&&S 
284 I 29 
15tj . 154 
37U [ SSU 
M4 ; 494 
314 3! 

33iy , 334 


Tandy 

Teledyna.......... 

Tektronix 

Tanneoo .....1 

Teaora Pet.. ... 

Texaoo .......... 

Texas Comm. Bk* 
Texas Eaotam ... 
Texaa Gaa Trn ... 
Texas Instrim'ti 1 
Texaa on ft Gae... 
Texas Utintlee ...' 

Textron 

Thermo Electren' 
Thames Bette ,..t 

TIdewster I 

Tiger Ind i..j 

Time Ine I 

Timee Mirror..... 


sail I 
984 I 
614 I 
244 ' 
ISU ' 
284 ' 
28U ; 
484 I 
224 : 
884 ; 

214 f 
214 : 

184 ' 
144 
464 
804 
74 
284 
404 


874 

974 

814 

244 

164 

884 

294 

474 

2S7f 

844 

83U 

214 

184 

144 

48U 

31 

7U 

294 

414 


Timken......... 

Tipperary. 

Tonka. 

Total Pet 

Trane 

Tran same rica,. 
Transway.... ... 

Trans World.... 

Travellers 

Trioentrol 


•I 58 

.1 54 
. 164 
. 104 
. 344 
.! lar, 

.• 194 

. 194 
.1 194 
. 64 


BO 

7 

174 

I 104 
> 344 
! 19 
' 204 
I 194 
20U 

I Sts 


TriCofTdnental...' IB 4 
Triton Energy*..' 12U 

Tyler 134 

UAL. I 174 

UMC Inds* ...... 84 

Udlever N.V.......I 62 

Union Camp.....i 4A7 s 

Union Oarbide..J 414 


Union OK Cal..... 
Union Pulfle... 
Uniroyal .......... 

Untd. Brande 

UnL Energy Rasj 
ua Fidenty G.._. 
ua Gypaum..... 

US itome..... 

us Inds ...... 

US Shoe...... 

US Steal 

us surgleal..... 
USTobaoeo..... 

US TrusL 

Utd.Teehndgs..., 
Utd. Telecomms.' 

Upjohn. .....J 

VF - 

Varlen Astooa...i 
Vernttren 


Virginia EP ..I 

Vulcan Ntatrlt ...i 
Walker (Hi Ret.J 
Wal-Mart Stores | 

Wbrnaee —1 

Warner Cemms. 
Wamor-Lftmbt .. 
Washington Poetl 
Waste Mangt 

Weis Mkta. 

Walls Fargo..... 

W.Polnt PCppl.... 

Western Airline, 
Westn. Nth. Am^ 
Weatem'Unlen.. 
Weedngheuse - 
Woatvaee....... 

Weverttaeuear. 


Wheelebratr F.. 
Wheeling Pitta.. 
WhIrlpM ........ 

White GenselH 

Whittaker. 

Williams Oe. 

Winn-Dixie ttr... 

Winnebago 

Wise Elec Power 
Weelworth ........ 

Wyly J 

Xerox... 

Yellow Frtaye..' 

Zapata ......I 

Zonlth Radio...-.: 


aiu 

324 

778 

74 

894 

364 

S7U 

lii* 

94 

314 

IS 

214 

444 

344 

374 

174 

884 

464 

36U 

94 


if 

184 

514 

31 

444 

204 

347, 

874 

87 

804 

S34 

64 

S84 

254 

804 

84 


274 

134 

294 

844 

804 

164 

364 

814 

19fs 

334 

84 

SlU 


184 

114 

144 

174 

84 

83 

45 

42 


314 

324 

77! 

74 

894 

384 

8 T 4 

114 

10 

53 

184 

814 

*44 

344 

364 

174 

394 

464 

364 

9 


124 
464 
124 
614 
304 
454 
80 
354 
274 
8B4 
SI 4 
254 
84 
87, 
884 
234 

S 04 

244 


284 

134 

294 

844 

214 

164 

864 

64 

304 

164 

334 

84 

314 


134 I 134 

15 ! 144 

104 11 


NEW YORK 


Indices 


—DOW JONES 


jilt! 

July ' July 1 July . June . June 1 June . 
6 . 2 ] 1 > 30 . 29 1 26 ■ 

1963 JSInee CmpH'fn 

High 

Lew 1 High j Low 

. : • • . ; ; I 

• lndU!tr'l!.1Sa.9QTH.99,8BIJ7. 811.35 612.31 BII.SS. BB2J2 
! 1 ; i4,-ii 

H'meBnde. 37.3S B7.8Bi 33.12' 67.94 BL13 U.S6' 60.27 
; : • ' (27(3) 

*rranarterL. 314.00 3I4.BB.317.3B 320.69' 318,27 611.13 681.43 

1 (7/i) 

Utilities.... 'lDR.aS 103.17 106.6! 107.70. 106J6' 166.33 116,06 

' 1 (f<6» 

TriidtnnVol . ' 

noar 44,S&Da5,760 47,n06S,SB0 46,990 4D,niB — 

1 1 

786.92 1 1081.76 1 41.22 

118.6) (1lil/7i) (3/7(52) 
U.67 — 1 — 

(7S<2I 1 1 

U5.7I 1 447JI ' 12J2 

(21/61 (16/4/81) (8(7/52) 
103.61 , 16S.K 10.3 

(15/1) (20/4/63) /28/4/4fl 
^ ^ 1 ^ 

e Day's high 602,86 low 789,tB 



1 June 86 1 June 18 

; June 11 Year ego (Approx 

6.95 i 7,08 

6,90 6,50 

STANDARD AND POORS 



! ; 1 ' 

: July ! July July ! June : June , June 
' 6 . 2 ! 1 ; 30 29 1 26 

1988 ’6ineaCmpll't'n 

' High 

Lew 1 High ; Low 




1 June 30 ! June 83 : 

June 16 ' Year age (approx 

! 5.91 6.69 1 

6.9? 

4.85 


Induot'l P'E rallo 


7.70 


7.76 


7.65 


9.27 


Long Gov. Bond yield 


13.73 


1«.02 


13.66 


13.27 


NY. 5.E. ALL COMMON 


July I July . July June 
6 2 1 30 


1982 


Rises and Falls 

July 6 .July 2 . Julyl 


High i Lew 


61.7861.9963.$153,02 71.20 | 61.73 
I I I < (41) I ($I/$) 


Issues Traded 1,830 

Idses I SS3 

Falls „..., 831 

Unchanged ! 446 

New Highs. 10 

New Lows 103 


,1.798 .1.800 
• 506 460 

I 857 I 910 
: 435 I 430 
- 

I - ' 59 


MONTREAL 


July • July - July July I- 
5,5- 8:1: 


1982 


High 


Low 


Industrials K2M 2SS.72: 252,52' le) 


Combined 837J3' 2U.1i; S57.6f. lei | 

1 SI6J3 i4.t) 

1 ZS7'27 (21/0) 

' TCRCNTO Composlta 1534.S. 1559.31 1568,9 id 1 

! 1856.5 (4.1) 

1554,6 i6;7) 


NEW YORK ACTIVE STOCKS 


Tuosdix 

Stocks Closing 

Change 

an 


Stecka Closing 

Changa 

OR 


traded 

pnee 

dny 


traded pries 

dav 

. Dsn? 

i.sss.too 



Amer, Expresa 

5SB.500 


- 1% 

• Giddus Lewis 

1M&.8K) 

:b<, 

+ 12% 

Exxon 

SOd.400 

26^1 

- % 

'* Cnni. Il'inoia 

780.900 

3)L 


Texaco 

456.200 

28% 

+ % 

1. NLT .... 

756.800 

S9i« 


Warner Corns. 

332.300 

44% 

- h 

• Md.Ci'm Inc. 

663.900 

13% 

- 27, 

Black. Decker 

395.400 

13*1 



Bank stocks faU on Wall St 


TllARKETS DRIFTED on WaU 
Street- yesterday, althou^ Bank 
stocks declined in the wake of 
Penn Square Bank of Oklahoma^ 
failure. 

By 1 pm the Dow Jones Indus- 
trie Average -was off 0.76 to 
78S.i4 and the NYSE AU Com- 
mon. Index shed 12 cents to 
S6L6^ while, declines led ad- 
vances -by a shrinking six^to^ve 
margin. ' Trading volume in- 
creased 4.62m shares to 32.82m 

compared with 1 pm Tnesday, 

Analysts said there has been 
nothing in tbe news X9 move the 
market higher, and investors 
remain hampered by high 
interest rates. 

Banks were the hardest hit, in 
the aftermath of the failure of 
Penn Sipiare Bank. Among 
Banks reporting problem loans 
connected vrith Penn Square, 
CoDttn»taI IIHnots lost Sli to 
S19. Chase Hashattan S14 to 
8374 and Seofirst Sl| to gl6|. 

In other Banks. Sonthwest 
Baneshares pf Honston slipped 
Sl| tn S284, Texas Commerce of 
Bonston Slj to S27* Interflrst of 
DallaR Sli to S30}, ' actively 
traded Cttieorp SI to 8234 and 
NBD Bancorp 84 to 880. 

Northwest Industries gave up 
814 to 84Si. while Flessegf rose 
811 to 8824 and Northrop $1| to 
$484. 

On Nasdaq, Sigmor held un- 
changed at S1S4 bid. while 
Diamond. Shamroc'k trading ro- 
maiaed delayed on the NYSE, 
where Diamond last traded at 
820 — ^Diamond Shamrock said it 
plans to acquire Si^or for Con- 
vertible Preferred stock. 

ON THE AMERICAN SE, prices 
were lower in slow tradiiig. 

Tbe Amez Index was off 0.6D 
to 245iS2 and declines led 
advances 185 to 162. 'Volome was 
up 178,000 shares to 2.30m 
sbares. 

Canada 

Further small losses pre- 
vailed around noon yesterday. 


with tiiB Toronto Composite 
Index off another 4.0 at 1390-4- 
Eight of the 14 indices were 
lower, -with Oil and Gas drop- 
ping 17.0 to 2,352.8 and Golds 
Idlo to 1,464.2, but Real Estate 
moved up 60.5 to 3,838-2> 

I^me rjHiaiia, undunged in 
active trading at S3.60, said it 
has retired its recently ananged 
SloOm bridge financing -after re' 
ceiving a petroleum incent^e 
payment of ^Khn from tno 
Federal Goivemment 


Tokyo 


Closing prices for ' North 
America were not a-vaflable 
for this edition. 


Share prices rose slightly on 
limited bargain hunting wter 
Tuesday's sharp fall but 
remained thin — 220m (2(0dft) 
shares—4vitb sentiment unsettled 
bv the further yen decline. 

"The Market Average rallied 
15.55 to 7,035.11. after its 61.54 
decline Tuesday. 

lyitaaht recovered Y4 to_Y554, 
encoura^ng other Bine Chips. . 

Non-Ferraus Metals firmed* 
reflecting the tension in l^banon. 
But Oils fell, due to the yen 

OtherCmputermakera, Motors 
and Precisions rose on light 
bargain hunting, but Steels and 
Drugs eased* while Light Ele& 
trieals and Shipbuilders were 
mixed. . ^ 

ConstructiDiis were preferred 
in anticipatimi of additional 
Government measures to stimu- 
late the domestic ectmomy. 

Green Cros stood - out again, 
dropping a further Y80 to IROO. 
One trader said the death of 
Green Cross diairmsn Ryoichi 
Naito, eariy 'Wednesday morning, 
was-more important In the stock's 
continued slide than nunours 
thftt the company may be under 
investigation by the FBI for 
industrial spying. 

<knttfliny . 

Generally * lower, mfluenced 
by a softer Deutsche Mark, slip- 
ping B(md prices and a rumour 
about 8 bank With liquidity 
problems. 

■ Brokm said all tiie bad omens 
made investors cautions, un- 


certain and reluctant w consider 
anything but the few i^es that 
were about to P?y Junden^ 

Also, uncertmnty about tte 

future of AEG, off DM d6 at 2iy* 
whose problems were ducto be 
discussed at yesterday sCabinel 
262.20 and Dresdner DM IBO to 
133 

In MoterS. . Daimler, • ftough 
expecting satisfactory 
the year, fell. DM 4.50 to 
and VW, who might open talg 
with Unions on short-time work- 
ing at some German plants if 
industry difillculties continue, lost 
dm 0.50 to 139. ^ . - 

-Vebi held unchanged n 
DM 126 after reporting mixed 
first half year results. . 

In Steels, Kloecknw fimshri 
dm or up at 56.8, d^ite 
expecting weaker second-half 

^S^nssag'eased DM 0.4 to 188.9 
following lower but satisfactory 
20 thR first fiYG inontnSa 

Paris 

Mixed hi wtive trading, with 
sentiment su{ 90 rted some 
reinvestment of dividends 
Activity was boosted as a r^lt 
of the interruption to trading 
Tuesday' by a demoDstratian lu 
the Association of - Small and 
Medium-Sized Industries. 

SenUmeat was not affected by 
the cut m the French Call Money 
Rate to 151 per cent from 154 per 
cent 

Banks. Electricals and Stores 
v-’ere mixed, while Rubbers, 
Metals and Oils fell. Most other 
sectors rose. 

In Foreigns, Girid Mines and 
Germans fell, while Americans. 
Japanese and Dutch were steady. 
Coppers were mixed, 

Switzeriand 

subtly lower' in featureless 
trading witii no new factors 
affecting markets. There' was a 
general lack of foHow-throu^ 
demand, particularly from 
abroad. 

Host Finanaals retreated and 
Insurances were also weaker. 


Swiss Bonds closed irregular 
meeting In Bono, continued ta 
^mpen sentimect.'.. 

Bankd fdl in sympathy. 
Deetsete Bank shed DM 3.90 to 
to easier, with Domestic Issues 
affected b>' Tuesday^ rise in 

Consumer prices. 

In the Foreign, sector. Dollar 
stocks traded mix^ around over- 
iii^i New York levels. Dutch 
Internationals .were barely 
changed, 'and Gennans continued 
irregularly \wrw. 


Johanne^iug 


(Sold shares cootlnued quietly 
easier, reflecting the lower 
bullion price. Also the cooitinued 
iinrert Black miners and 

the production cost consequences 
of the 12 per cent wage increase 
for 'White miners, added a 
■ depressant 

'‘Heavyweight” Producers shed 
up to 100 ceitfSt as in Kloof at 
3,300 cents, but **Ughtweighte*' 
showed the largest percentage 
losses with deriines of up to 40 
cents, as in WeUuim at 600 cents. 

Platinums and Mining Finaiu 
dais also tended easier, while 
Industrials dosed mixed. 

Australia 

Prices tumbled as a heavy seU- 
off pushed markets sharply 
lower and the All .Ordinaries 
Index closed down 9.1 at 4^7, 
its lowest level since November 
1079. 

Chartists triggered the Wg sell 
iriien the All Ordinaries Index 
breached the ^ barrier, a maier 
support level* Local Institutions 
joined “smaller” traders in dump- 
ing stock into already d^retsed 
markets. 

No sector escaped the slump 
but Mines bore the brunt of the 
faU. 

BHF and GSR each struck their 
worst level for more than three 
years. BHP traded at AS6.60 
before dosing 20 cents down at 
A$6.6^ and CSRff nished 14 cents 
lower at A82.43. 

TNT fell 15 cents to A81.60. a 
two year low. 


CANADA 


Stoek - 


' Juhr I July 
I S . B 


AMCA InU.......... 

Abitibl. 

Agnieo Eagle. 

Alban Alumin,...i 
Aigoma Steal..... 

AabMtos...... 

BkMentraal......f 

Bk Neva Seetla...' 
Baste RasourcasJ 


IT 

ISU 

6.62 

82lS 

SSls 

lOM 

17^ 

BOSS 

2.48 


Ball Canada. J 17w 

Bow Vallay.....H 

BP Canada....... 21U 

Brasean A.~.... 13 

Brineo ............. 3.60 

B. C. Porast»_ 7 


CIL me............| IBU 

OadiUaeFalrvfa!^ 65* 
Can Ownant 8M 

Can NW Enargi^ 22>s 


ConPMfteri..... SSU 

(tanTrusee.... ! 204 

Can Imp BaRk,...) 18 
Cdn Paeinwi....... eSi*. 

CanP.EnL....... 13 

CanT)ra..*.........i SSu 


16lt 
16 
5.87 
221s 
23l| 
lOM 
17U 
20 Is 
2.46 

17S| 

14« 

21U 

13 

3.30 

7 

IBU 

6ls 

Bis 

224 


2BU 

21 

18 

25 

181s 

S5U 


(hitanaln..... 

Comineo.......... 

Com BathstA. ...j 
Cml Bk.Canada| 

Ceseka Roe i 

Cestton...~->-....., 

Dsen Davol.......! 

Denison M)naa....j 

Damn MlnaL....; 

Owns Patreluenij 

Dem Feundr)*!..! 

Dom storas 

Domter. j 

Foloen N1eltal....l 

Canotar. .....I 

Qt West Ufa....; 
Gulf Osnada*.... 
Gulf SWaam ftosj 
Hawk Sid. Can 
HeUIiiBer Argus-I 

KudeOR Boy Mng 
Hudson's 

Husky OIU.. 

lllHWOO 
Imp Oil A......_| 

Inee ........w—* 

Indal. ........ 

Intar, PIpa*..... 


Mac Bieodal-.... 

Mark! ft Sponearl 
Moasoy Far9......| 

Mofntyra ANn«B..| 

Wtal Corp 

Moor* Corp. I 

NaL Boa Prods 
Noronda Minos. 


213| I SIM 
34 i 34ls 
141* I 141* 
eif I 8Cs 
3.86 I 3J6 
5S» I BS* 
2.56 2.65 

15*i 16 

TM I 8 

6.37 I 6.60 


8Tlff 

14 
16M 
34 
II ■ 
2.05 
I3Ts 
1A6 

719 

26 

MM- 

15 

SM 

SBM 

2219 

11 

9M 

ISM 


27M 

Mts 

16M 

35k 

II 

8.06 

15M 

136 

7M 

86k 

I4M 

IBM 

SM 

381| 

28T! 

10T| 

9M 

IBM 


5 


IBM 

7M 

833 

S2M 

8SM 

S6U 

6k 


1 Jd, 

July 1 July 
6 , 3 

July 

8 

1 

High 

982 

Law 

AUSTRALIA 

AIIOrd.llH/60) ; 441,7 

Metal ft Minis. fi;i/U) | 50 SJ 

! 

4673 i 400,7 
514.7 : 511.4 


iHA (4m 

486.1 (6/n 

4H.7 (7/n 
5N.8 (7/7) 

AUSTRIA 

credit AMIen (2/1/62) ; 46JS 

4tn! 48 J7 

4L16 

H.n dll) 

41.30(23/0) . 

1 BELGIUM ' : i ! 

1 Belgian SE(5I>I2M) j 02 . 6 B 1 62.67; 32.H 9M4 

102j4I (S/4) 

00.48 m-n 

1 DENMARK 

1 Copenhagen SB (1/1/71) 109.66 110.IM. 110,16 

• 

WM 

m+a (1619) 

108.00 nOiB) 

FRANCE I 

GAS General (91(12/91) , 88.00 
Ind Tendance (S 1 I 12 / 61 ); iio.2 

- 90.50 

110,4 100,60 

07.6 

10L7 

111.0 (T3A) 
1UA (12d) 

- 

17.7 (4/D 


1 

824.3 884.71 

880.0 086.7 

286.0! 

•66.3 

8HA6 (6/4) 
7884 (6/4) 

818 .H ni/n 

606.7 Of/t) 


HA 

07.0 

•64 (10A) 
744 (10/61 

•44W1) 

M4(4/n 




1)18.15(0/5) 

ITALY 1 

Sanaa Cemm ltal.(197Z) ' 165,58, 1N.GI, 164J7 

165A0| 218.00(10/5) 

15847 (29/0) 

JAPArf^ 

Dow Averega (16/6/43) 7056.11 70(8.86 7031.10 

Tokyo New SE 14/1/61) ' 686.66; 686.23 U0.13 

7034,07 

65a.66> 

7120.63 (87/1) 
63S.20 (87nr 

6368.0S (17/1) 
820.70 (17/<) 

NORWAY i 

OeleSE(l;1/7f) 1 113,|7| 115,64| 110,3 116.53 

15Q.8g{80/T) 1 100.18 0/4) 

SINGAPORE 1 i i ' 

Stnutf Times (llif) \ 568,00 e06.IO[ 0948 70843 

810.70 (0/1) 

487.40 (1/f) 

SOUTH AFRICA 

Geld (1968) • j 5S6.S ! 549.1 — 

Industrial (I960) 1 oilj 1 oiM ! — 

540.3 

610A 

'6H4 (6/1) 
711.7 (l/l) 

556.3 (7/7) 
007.8 (88/8) 

SPAIN ,1 

Madrid SE (50/12/91) , 81,07 { 00.08| 91,80 

OIJI 

107.Q 9/2) 

03.97 (7l7) 

SWEDEN 1 

Jaeoboen Jk P. (1/1/60) | 605.16' 6S7.65i 088.30 

0HJI7 

86642 (U/ll 1 B65.5i (2l/C) 


241A 

263.1 (11/1) ; 240.0(7/7} 

WORLD 1 i . 1 

capital Inti. <1/1/70) , — 1 18 S .6 1 184.0 I 104,8 

1474(4/1) j 1934 a/n 

(••) Saturday Juna 26: Japan Dew 7203^0. TSE S38.ia 
B6te vflate of ill indiesa are 100 axaept ‘AuatraOe All Grdfauty end Mata la 
SOO,. NYSS AU Ceetmen— GOt Standard and Peara— Kh and Tcrcnte 1.000; the 
last named beaad en 1975. tExeludlas benda. 9400 Industriaia. 3400 
Induatriata pliia 40 UdUbaa* 40 Fiunelale and 20 Tranapons. e CtMSd 

u Unavailabla. 


Ntlin. T!l96om..[ 
Ookwood Pot.....; 
Padfie Copoar...) 
Pan can Petrol...) 

Patino 

naeerDtv.... 

Power Corp._ j 

Quebee 3tmn...J 

Renger OH-.*.....j 
Raed Stanhs JL... 

Rio Afgom ..I 

Royal Bank....;... 
Royal Tniteo A.. 
Sceptre Roo—... 

Seagram 

Shell Can OIL.....' 
Stool of Can. A... 

Teek B ...Z... 

Texaco Canada., 
ihetneon NeweAl 
Toronto Dem Bk.' 
Trans (tan Pipe... 
7f«neMntn.OIIA. 
WelkenKi Rea 
Weeteoeet Trmnei 
Weston (Geo)....J 


17 
7M 
8.55 
28M 

82k 

354 
6k 
Ilk I Ilk 

46U I 461* 
Bk Bk 
1,80 ISS 
65M , 654 
16 : 16 
18 
Bk 
138 


6l! 

Ills 

2B4 

iBk 

12 

6.50 

BBM 

ISM 

16k 

a.90 

B6S* 

18 

824 

I6k 

si! 

16 

27k 


1119 

130 

6k 

Ilk 

87M 

191| 

Ilk 

337 

BOM 

16Ts 

17M 

6.12 

86k 

18M 

88i|i 

16M 

64 

il- 

87M 


AUSnUA. 

July? 


Prlc 


Creditanstatt— ..{ 909 
LanderlwnR...'-.. 180 

Perlmeoter I 86i 

Bempertt ....! 68 

gteyr Cieimlcr ....I MS 
VcItsoherMiG.J IBO 


-f«r 


•ft 




BELGIUM/LUXB4BOUR6 


July 7 


Price'. 

Pro. 


arbed 

BanqhttALux. 

Bekaert B *. 

(SmentBR 

Oockardl 

EBES 

Eta^rabeL- 

Fabrique Nat.. 

6,B* tone 

GBL.(BruxU ..... 

GevaMi 

Hebokett ......... 

intereem..,.. 

KredretbanK...... 

Panifidgsn........ 


■for 


l.OBO 

4,100 

3,140; 

1,480! 

138 

1,630 

4,100 

2.416 

8,660 

1,880 

l.TQB 


•4-15 

400 

—30 

-15 

-t-10 

—40 


S,94tf -10 
WOO! J.„. 

4,610.' 

6,1Q0< -fSO 


BaGIUH (cantimied) 


Petroflna. 

R^ale Beige* 
8oe. Cen. Banq.| 
Sec 'Gen Beige... 

Sofina. 

Belvay 

Trantlon Elect... 

UCB 

VIellleMent ..... 



DBOMMC 

July? 


Andalabankan...' 
BalUee Skand ...J 
OopHandel!banic| 

D. Sukkerfob 

Doncka-Bonk.... 
Eoxt Aeiadc.. — 
Fore Ode Berygg. 
Forenede Damp.| 

GNT Hldg 

Jydska Bank....._| 

Nerd Kabel 

Neve Ind 

PapirrabiUdcor . 
Privatbankan— 4 

PrewInibBfiltaiL.. 

Bmldth (FI) 

S. Berendsan..... 


Iktaa 

S 


+ *r 


1143 

886 

186 

513 

126 

86 

BB03I 

401 

830 

176 

19^ . 

1.700^ 

7B 

128.8 

119 

1B7 

495 

91.4 


•4-0.6 


-03 


+8 

4-3 

-03 


-1.8 

■fl 


ntANCe 

July 7 


EmpruntJaUffl 
mn^n^TgltTL.] 

AirUquMa........' 

Aquitaine 
Au Prfntampe-^..| 
BiO 


-4- or 


Beuyguca — 

BSN Oervai!.— 
Camreur.... 
Club Maditor.. 

CFAO 

CSF( Themeon)... 
Cla Bonealra ....( 
Ole Cen Eaux**.. 

Oofimeg 

Creueet Loire... 

CFP 

DNEL .1 

Dumez ...1 

6en.-Oeeldentai.i 

Imetal I 

Lafarge ..._l 

L’OreaJ 

Logrand 

MaehIncaBull ...] 

Matra 

Miehelln B 

Meet-Hennesoy..] 

Moulinex 

Pernod Rieard.. 
Perrier............ 

Peueeot-BJL ..... 

Peewn ......... 

RacOoteoh — I 

Radouto 
RouaMLUelaf.._ 
BMs RnelgrwI...' 
Teiemeoft ElaeLj 
VaJea.. 


4-03 


43- 


*-4 


GBtMANY 


' July 7 


Prtoe 

Dm* 


AEG-Tslef., 

AIDanc Vara. .... 

BASF 

BAYER 

Bayer-Hype ..._| 
Bayer^Vor«in....| 

BIV-BonlL. 

BMW.:... 

Brown Bowel— 
CemmarabanR ... 

CenU Comm! 

Daimler Benz... 
Dagusn 

Demag 

D'lehe Babeeeic.| 
Deutsche Bank...! 
DU SehulL........| 

Drasdnar Bank. 

OHH 

Hspag -Ueyd.....! 

HoachiL.... 

Hoaseb 

Hoizmann (A— ...i 

Horton ........ 

Kali und — 1^ I 
Karstaidt 

Kaafliof....*.... 

KHD 

Kioaoknar 

Krupp. 

Unae .....I 

Lufthansa..,. I 

MAM 

Mannaimann — .J 
Mercedes HlB.... 
Metallgauall..... 
Muenen RiiaelUi 

Preussas - 

Rhein West El^ 
RonnthaL.........i 

Seharing :.. 

Slamen a 

Tbywan— ......^ 

Vnrta. ......^ 

Vebo, I 

Vareln-WaaL,... 

Volkswagen...'.. 


-for 


'se3^ 

484 

11B3) 

1073^ 

804 

8713, 

808 

leo 

133 

4831 

299A 

2063 

119 

187.6; 

8683 

155 

133 

188,61 

55 

109.1 
80.7! 
411 
117 . 
147.61 
218 

17431 

181 

66.a| 

64 

S 8 S .81 

■64.7 

166 

1323 

262 

200 

.646 

158,91 

166 

849 

870 

816:7 

623! 

148 

126 

866 

136 


-03 

—2 

4-03 

-13 

— B 

-S3 


4-03 
-t-1 
-^.B 
>33 
—4.6 
-43 
'— 1 • 

‘^83 

-3 

-13 

-03 

•f 1 
-1. 
-13 
-13 

- 0:5 

—1.5 
—I 
— 1.B 
—5 
4-03 
— 1 
:-43 
-C3 

^ia' 


-03 


— 1 
—0,8 


-03 


HOLLAND 

July 7 - 


ACF Helding...... 

Ahetd 

AlCee 

ABN....... 

AMEV. 

AMRO 

Bradere Cert...., 
BbskalliWeetom 
Buhrmann-Tat... 
CalandHId s..... 

EiMViarNDU 

Ennla ........... 

Eoro Cemm T9t. 
GicL4Rieadea.., 
Halnakan ....... 

Heegoftfan!....., 

Hunter DoUBlat.i 
hit llullar.^Tir 
KLM. 


Naarden. 


Price 

FIL 


+ er 


Nat Nad cert... 
NatfCrad Bank. 
Nad Mid Bank-. 
NedUoyd. ••■•MM* 
OeaGrtnton...... 

Ommeran (Van)..) 
Paklmed....— , 

Phillies 

MJn-i^alda..... 

Rebaea 

Rodamee....... ...I 

Reltnoe ; 

Rorente I 

Royal Dutch I 

Slavanburg's i 

TeiqroPae Hb....> 

Unllavsr ..... 

Viking Rae 

Vmf Stork 

VNU 

West Utr Bank... 


76 I 
813 

85.7 

877.5 
B6 I 
46;B: 

159.8 

39 

3531 

29.1 

162.31 

181 

74.5! 

70.61 

673 

163 

7.9 

17.7 
88 
BO . 

116.6^ 

27 

11** 

111.6 

106 

21 

37.71 

8831 

85 

800.5 
1843 
1963 

163.6 

86.6 

60.8 
IBB 

144.7 
106 

48.5 

67.5 

68.6 


4-1.1 
+ 03 
+ 1.5 
+ 1.6 
+03 
-13 
+8 
+0.8 

+4 


+03 

+03 

+03 

-03 

+0.1 

-ai 

-03 

-0.7- 

+03 
+03 
+at 
If 03 
-0.1 
-4>.B 
+0.6 
+0.6 
+0.7 
+Q,ft 

+03 
+ 1 

+ 03 ' 

^6' 

+ 1.6 
48 


ANZ Group 

AerewAUft 

Ampel Pat 

Assee. Pulp Pap 

Audimoo 

AusL Cant. Ind.. 
AuaL GuannL .. 
AueLNaLIndL.. 
AU!L Paper 
Bank NW — 
Blue Metal — . 
BondHMgi— 
Boral 

BFvllla Copper- 
Bramblaa iiida... 

Bridge ai 

BHP -J 

Brunevriekon — 

CRA 

CSR 

CarttonftUto 

CasdemalneTye 
CfuffOir(Auat).. 
Do. Opto 
Ceekbum CemtJ 

Oaiee (OJJ 

CenwJeo — . 
Oeetaln— ' 

Dunlop ..... 

BderGmlthOJA 


ITALY 


July 7 


AaMeur Qen—... 
Banoa Oem’le— . 
Baetogl Fbi...... 

Centrale .......... 

Credito Vareeinoj 
Flat 


Flnelder...-..-..! 
Invest 


Italeementi..... 
Montedlsen ...— J 

Ollvetd 

PlrelllOe 

Pirelli Spa -j 

Snia VMeen .... 

Tore ASalc ... 

do. Prof. 


Prieo > er 
Lire I — 


ice,m 
•H,no 
\ 96 

8,198 
6,600 
1,606 
30 

, 8,111 
183,000 
8636 
87160 
8380 
1314 
622 
I 1 O 38 O 

7,670 


+700 

+1 

+8 

+1.DM 

—7 

+13 

+1 

+600 

-03 

—86 

+110 

—80 

+B0* 

+60- 


NORWAY 

July? 

• 

Priee 

ICrenei 

+ er 


105 



I05,a 

— 0.S 

Credftbonk 

131 


Elkem ..... 

46 

+0.6 

Kevnes...,,.— ,. ... 

300 


Nerak Hydra 

267 

—3 

Storebrand . .. 

160' 



SWBMN 

July 7 


Priee 

jKrorwii 


AG A..... 

AI'to-Lavel... 

ASEA ; I 

Actra 
Atiaa Copco . .....1 

BoHdan,. 
Celluleea 
Elaetrolux B.....I 

Erlcaun 
EesaltolPraa). 
pagerata. 


Fertto (Free) .— * 
Mo-ech Dom 
Saab* Skenla.— . 
SoJidvlk (Fraa)...| 
Mcandia....'..— I 
Bkan EnekUda... 

8KFB— , 

St Moqperbarg,., 
Sven HanddionJ 
Swadleh Match., 
Volvo (Free)-.... 

I 


196 
804 
IBS 
439 
109 
163 
814 , 
81,5^ 
889 
146 
188 
146 
103 
133 
178 
490 
215 
US 
268 
UB 
118 
15B 


+ er 


+ 1 

+8 
+ 1 ■ 
—8 
+ 1. 
-as 
+4 
-•■8 . 
+ I 

41 

41 

-.... 

—8 
—5 
+ 1 
+ 6 
48 


SWrrZERUU4D 


Juiy7 *■ 


AlOiUlMe.— .. 
Brown Soweri ^ 
CfbftGelBy*.-...l 
do (Part Carti).^ 
Credit. SuMteu.., 
Elaktrewatt...:* 
Fifcher (Geo) ... 
Hofr4tochaPtCta 
HofMfoehe UIQ 
Intarfood-— ... 
Jalnmll ....'h.— I 
Landia *Gyv::.i~l 
NeiUe.. 

Oer-Buehrie..... 

piraitr. — ;. 

Sandoz (B).. 

Saddoz (PtCtiL. 
SehlndleilPtCM 
swtHair: 

Swiss Bank. 

Swiw Relneae*:. 
Swlia .VDtksbh.. 
Union SankM..,. 
Wnterthur...... 

Zurich ina 


Pripe 

Fra, 


458! 

855 

I 30 S 

990 

834 a 

400 

64,300 

B,»0l 

I,0S5| 
: 816 
B,B75 
545 
876 
659 
873 
5.750 
976 
2,710 
2323 
14^100 


+ br 


+10 

+ 10 
-80 
.-5. 

Ilae* 

—83 

— 5 “ 

4-10 
.413 
48 ■ 

■7^9 

—a 

Zi"' 

—3 

.-10 

-50 


AUSTRALIA 

July 7 


PTlea! 

AU!t> 

3.60 
1.30 
1.15 
1.63 

aio 

136 

8.80 

8.60 
1.78 . 
S.50d^ 
1.37 
1*06 
B3B 
133 
X.B6 
836 
6*66 
0.16 
2.65 
2.43 
130 
3.60 
030 

033 

1.30 

830 

1.78 

1.46 

0.83 

8.75 


Endeavour Rea., 
Gan. Pre.Tniit ... 
Hartagen Energjn 

Heekar [ 

i(n AuaL 

Janningt ! 

Jimb lanaflte^ 

Jones (D) 

LMnard 011 

MIM 

MeekathanmMiJ 

Meridian Oil .] 

Monarch PeL. 
Myer Emp— ... 
Not BanU..— 
NewL....:........ 

Nieholas Kiwi—. 
North Bkn HIIL..I 
OaidHldge....... 

Otter EXpL 

Pwteon ...j 
Pan Paoifie.......| 

Pioneer Oo......' 

Queen Margt G 
ReoWttftCeIn ... 
Santoe 

8lei9h (HO ..I 

Southland MYi'g.) 

Spargoe Expel...' 
Thee. Natwide, 

Tooth...... 

UMAL Coro. 

VaHent Oensdt..! 

waitone...i 

Wbitem MiningJ 
Woodeldc Petrell 
Weolworthi 
wormajd ind-... 


0.16 

136 

134 

0.92 

1.56 
1.18 
0.19 
1.70 
0.13 
8.48 
1.90 
0.14 
038 
138 
837 
130 
1.16 
136 
1.36 

038 
130 

ail 

136 

0.08 

1.68 

436 

1.03 

039 

0.16 

1.60 

8.88 

1.78. 

ao9 

0.66 

8.60 

0.66 

1.56 
8.60 


+ or 


-o.to 


-0.B] 

+0,92 

+ai6 

-OOB. 

-CJ& 

-037 

+aB.i 

^1n 

=o!Ti 

-ai4 

-03« 

-aiB 


-03 


-aoi 

-0,10 


-oos 


-oos 


- 0.00 

-032 


— 03B 

^36 

Illojti 

—030 

+ 0.01 

—am 


-0.10 


— 032 
—031 
—032 


HONG KONG 



July 7 

Prtaa 

+ -er 


H.K.S 


Choung Kanon... 

16J> 


+'*'i.ij.m / J,! • iMi 1 

1.70 



10.0 



66,6 

‘3.20 

+048 

+0.03 


4.«2 



. 7.40 

+046 

! V-rl.t Itl'l* l.-J 'M 

11.8 


• P. * • f r ? • 1 • 1 

SIJO 



16,8 

+ai 


16.5 

+ 0.1 


3.98 


6.43 



3M 


• 1 il7.afV 

11.1 

+ 0.1 

1 111 1 . 1 m l«*U V 

• 6.66 

+043 


4:6 

.Wif.lTiUI i r-j-fl 

8.70 



JitfAN 



July 7 

Priee 

•her. 


■ Yen 


/KJinemeto.— _ 

886 

-4 

Amoda........,.„j 

809 

+8 

/taahi ClaeL-..— 

460 

+4.. 

Brfdgeatone 

-436 


678 

+9 . 

CItizan.....;........- 

875 

DaieU U 

615 

—3 

DKBO 

486 

+ 1 


609 


bScaTriWUi 

377 

—6 

DalWB Sellto-.;. 

401 

+5 


57Q 

+3 

Bleai .7Z.Za.1Z 

611 


PidlBank 

. 600 


Pull Film 

FuHaawa 

1.5BQ 

1,260 

+ 10 - 
-40 

PuJItiu Fanue..'.. 

6,800 


Green Croce..' 

1.800 

-80 

11 ;. il.„ L. I^M 


—10 


637 

+ 8 

Httaehl.i 

884 

+'4 

HItaehl KoU ...... 

426 

-40 

Honda _ 

UouaefcKxi- 

6B7 

9SD. 

708 

+ 2 


iteh(0 

.279 

+2 


3B0 

883 

400 

.-6 

JACC8 

+3 . 

JAL 

8.130 

—800 

Joaeo -.. 

I^ma 

.688 
323 .• 
498 
790 

+ 10 
+6 


•“1 

-10' 

KHckoman...... 

359 

-6 - 

Kirin 

439 

+2 

Kokuve 

891 

+ 10 
+2 . 

Komatsu 

. 469 


360 


IKeniahroiku 

660 

— li 


JAPAN (eondniMd) 

Prlae : 


July? 


+ ar 


Yen j - 


Kubota j 531 I 

Ky^ CeramlQ .. -3,530 I 

Uon. ..j 360 

BtaedaCeni... .. 687 

klaWta. ! 786 

Mmbeni 

Morudat. 

Manil— 

Matmhita 


868 
646 
886 
086 

MttaneaWBrkLi 4M 


OTblehi Bank...! 
M'btBhlCerD......| 

ITblehL Bleat-.. 
M'biehi RI ~ 


500 
494 
886 
480 

MHI—U: ....J .17B 

Mtsul Co 313 

Mitsui Rt Ett...... 606 

MitaU-kc^L.. ... 346 

NGK Insulatoie.. 440 
Nippon DehKu*. 976 
Nippon Oekkl...,. 631 
NlmniaaeL.... 371 

Nippon OIU..... 849 

Nippon Shlnpaji. tso 
N ippon .188 

Nippon Sulsan... 813 
NTVj..-.....*........ S,94C 

NMHift1UI^-...r791 
NiasMn’Fieur,.'.J.i; 337 
Nlwhin Steel..;... 150 

Nomura I BBS 

NYK-.m j 840 

OlympuB. 691 

OrienL. ....il.870 

Pienaar ee»e!!e« •!!!!! I 1.460 

Renown.. I 711 

Ricoh.... 461 

Sanyo gleet,.,... I 403 

Sapporo, 866 

SeWeiii Prefab ... 6 B 0 

Sharp— - 760 

ShWedo ........... 819 

Bony. .....3,880 

Stanley .....I 333 

•to mo Marine ... 880 
TaihelDangyq... 600 
Taiiel Corp..—. 231 
Tetoho Pharm.... 679 

Tafceda. 781 

TDK. ;3,760 

810 

B78 
488 
436 
821 
107 
431 
201 
301 
401 
486 
680 
8,090 
717 
660 
580 
831 
60S 


TMiJin 

Teikoku OIU 

TBS J 

Tokie Marine 

TokyoEieeLPwr,| 
Tokyo Gas 
Tokyo Sanyo .....1 

Tol^Corp J 

Toshiba 

TOTO I 

Toyo Seikan ..... 
Ttodta Mater....! 
Victor ........... 

Waceel 

Yamohe ..... 

Yamoakl 

YaaudaFIra 

YetojowaMge 


-10 

+2 

+48 

-+1 

-1 

+B 

-8. 

+5 

-2- 


-1 

-4 

-8 

+6 


-7 

—16 

+10 
+ l 
+8 

-1 
+ 1 
-10 
-10 
+ 11 
+4 

-5 

+7 

+4 

+80 


+ 1 
— 1 
-SO 
-40 
+8 
-S 
— 1 
-1 

“g"" 
+ 1 
^•eeeM 
+2 
-2 
—4 
+4 
—30 
+ 11 

43*“ 


MNGAPORE 

July 7 


Boustaod Bhd— . 
CoMStorago...... 

DBS. ru...... 

Frazer ft Noave..! 

HawPar. 

Ineheape Bhd..., 
Malay BanMnn,... 
Malay BraW.'..M.J 

OCBC .1 

Sime Darby ......J 

Strait! T 15 . 

UBO.....:— 


Priee | +.07 


1,84 

3,56 

7;43 

630 

3.66 

833. 

6.10 

'436 

8.10 

137 

6.35 

3.96' 


-0J1 

-OJB 

-OOi 

-a«B 

+0.BB 

-0J1 

-asi 


-OMI 

—10 

-OJB 


SOUTH AFRICA 


July? 


Abareem. 

AZftCI 

Anglo Ant...... , 

Anglo Am' 60 W... 
Amalo Am Prop 
Beifew Rand ...... 

Buffoie ' 

CNA Invest T. 

Ourrta Plnenea., 

Be Bee n . 

Oriefentain ....... 

F80eduld.........i 

Gold Fields 6 0 —. 

aaiS'!*!!--: 

lOoer : 

Nedbenk 

OK Bazaars;. 

PreteiB'Nldg!... . 

RembranL. 

Renmei. 

RuetPlaL..M..._. 

SageHWg.,..,.... 

SA BrewB 

TlsarOatB.,,.. 

Unitae- 


Prlae '+#r 
Rand' — 


2 . 2 a -GJB 

6.0 - 

9.14j -0.1 

2.OT —i— 

,24!b 3 
6:id . 

.G.i6| +aifr 

4 . 1 B 1 


— 1 


+oa 

+ 0 J 6 

-OJB 


Financial Rand US$0,761 

(Dtacomttof 11 %) 

BRAZIL 


July?- 


Aoeatta. 

Banco BiaalL 

Belgo Min 

Brahma pp.. 

LcJaiAmer 

Manneimann OP 

Petrebrai PP, 

Souza Cruz....,, , 

Unfpar PB......... 

ValaRtpOoee*,... 


Pri or 
Cn 



-a«o 


. Turaovwi^l^SSSSr* 

Volume: I74.4m. 

Source: Ric d« Janeiro SE. 


NOTES— Atosa en toM page era ai quated ‘ on dw 
todhrtduei emhaiwa «nd are Met traded pricey. gDeelingB 
au^ndsd. xd Bi dlvldana : xe Ex aerfp Mmia. xrEx ritf^ 
xe Ex .aK. 


























































































MWiiftrimiil rTTnftr-n'Tiffiii 








^iiaitci^ Times Thursday July 8 1982 


C^Ritt amr Markets 


LONDON STOCK EXCHANGE 


Oudook for interest rat^ again dominates markets 
Equities rise late but demand for Gilts peters out 


Afiemnit Dealing. DidM 

Option' V 

•Fl^ DeeUn. Laat Aceoimt 
pttUn^ UoBg Dealings Day 

Jape 21 July 1 2.Aiiyi2 

July ' - - -- 


evestuadly settled around i' 
lowers. 

Eqidty dtaxk^ Aowed a little 
more .•wilUnguesi to- resirt Ibe 
trend. Despite itie' low. yokime 
of trade; leading shares overall 


* “ M?w ^ * regaining eariy los^ and 


The outSock for interest rates was that the FT loduetiial 
continued to doednate London ^^“lazy share indes daimed 
stock markets. 'Siterliag's early ^ ^ neaiiy Siree 

fall to a iLve<year' low against Puium and' dosed 1.2 up on tte . 


Ite dollar initikHf tempered B55.2. 

J'dccnt opUmisui- over the pros' . Of the sectors, 
peets for a further reduction in 
clearing bBBk base rates. The 
two main inVeshnent sectors 
thus turned uncertain and 


. Electricals.' 
stood out wiith marked weakness 
in Thorn Elm on ri^s issue 
tumours, denied by Qie group.- 
and strength in Fenand anud 


treaded easier' before the £anK renewed bid speciriatioh. Fle^ 
of England's' lunefatime opera- uey and GEC also made -foiiber 


progress. Takeover hopes also 
fiared in Insurances taking both 
Hlnet and Ea^e Star higber. 


tions in UK money mfl!rff«»te 
The authorities* move of dip- 
^ping its intervention ' rates for 

die third successive day Tutored ® w * ^ 

some confidence to markets. Sagle SuT & Minet 11^ 

Business subsequently quickened Speculative interest in the ' 385p. dsmhere Guinness 7eat 
for a n^ie and dealers begaii Insurance sector revived yester^ picked ub a penny more to 48p, 
to look for a resui^on .of the day with Miner and- Eagle Star bat 'Basobres •vm frieniBess St 



previous two-day advance! 
intei^t tailed, off again 


But 

and 


again -cLaiming a fair amouQit of ' uOp, down 5-. 


recently - issued 


... — attention;, the former rose 8 Among lc«iuu> - »au«u 

to^lSlp on U.S. «drhOpe^‘ equities, HcCartiiy and Stone 
i-^i . put on 10 to a pedt of IWp corn- 


levels during a partiooolatiy qiiuet iwhile ^e latter advanced 6 to 
afternoon -traoing aeasioo...^ 

The la^ of biirin^ was 
especially noticeable in 


3q2p awaiting official EEC Cosk ‘ pared whh the placing price of 
miksion approval of Allianz’s i37p, 


GSt- acquisition, of a major stake, end interest in the drinks sector 


edged foUowfng two da^ of inr pn>btd)le fuH-scale bid.. San again eemred on 
creased . inwestmept .demand Alliance moved up 12 to :S6Qp_, turers. SL P. B 


r mamifaC' 

. , . .... - rf*ead of 

d.unt^ w4ndh. the .Government while improv^ents cd around o preHnunary figures next 'Wednes- 


broker was-.ableT'tb 'seU more of 
the short tap.' Short-dated stocks 
y^erday . moved iiregUkrly 
-prior to an unchanged ctose wilh 
the esceptzoh of the tap, ' £30- 
paid Treasuy Convertible I 2 i 
per cent 1866.' which lost \ to 


were seen in Pearl. 370p, ' and day, flmed 9 more to an aS-tizne 
Hambro Life, 2^p. Brihuinie . peak of 434p, 'while Kerrydown 


put on 6 to 266p as did Eqol^. 
aid Law, to 

The major riearing banks 


IVlDe also made ftirther progress 
in closing 3 dearer at l06p. 
After edging a Mttle bi^iar 


closed wMh gains ranging to 4 jniti^y. leading BnUdiiies 
after a thin trade. NatWest im- drifted off on la» <ff 


30«. ^ longs found it difficult proved that much to 4S2p and throud support to dose with 
to imintaJB ovezni^ levels and -Barclays firmed a few pence to - - 


financial TIMES STOCK INDICES 



July 

•■7 

July 

6 

JtAy 

'S 

July 

■ a 

July 

Juno 

30 

[FA 

yanr 

age 

Qeirarninont Saea. .. 

eajBB 

69.95 

6935 

• • 

69.39 

69.49 

69.44 

63.51 

Plud lntnr9fb,...;.L. 

70.40 

70.43 

7030 

69.99 

69.85 

69.76 

68.76 

. Industrial Ord 

Ran 9 

664A 

S48j4 

6434) 

649.3 

5M.3 

622^4 

.OoMMIims. 

-■188.7 

195,8 

1953 

197.9 

■197.7 

808.7 

893.2 

. OM.DIV. Ylald..,....-.,. 

'5.66 

6.6^ 

5.64 

5ft9 

■ 5.65 

6.56 

6.11 

Earnings, Yld.g (full) 

-U.62 

11.66 

11.80 

11.91 

11.6ff 

11A3 

19.87 

P/S Ratio (natl 

10.46 

10.44 

10.31, 

lOJl 

10.59 

10.45 

10.15 

Total bargalna 

13.BS0 

14,811 

14,607 

13,736 

lS,830l 

13,517 1B,646 

Equity turnowar £nw 

— 

13333 

108.61L114J)4 

129.93 111.54 138,67 

IquKy bargalna...... 


1039E 

10,3061 11,3941 10,S60l 

9370 lS.038 


10«riQGZ. 9. >lt ■mtSES.I. Itoon QSt.l,- T<em.S52.4. 
gomSSis^ 3 pm SS3J. 

Bn« 100 Gnvt. Swci. 10/10/36. Hxwt Irrt 1fi2S. tndhistriri Old. 
t/T/36. Gold MitMK ) 2/9/00. 9C Ae«wj|y 193a. 

tMHMt Indw 01-^ SOZB. 

•Nri»9.7a. 


HIGHS AND LOWS 


&E. AcnvnY 


-I0B8- (llneaOomiMhthi 


Wflh : taw I High i Low 


•hily 

a 


Ally 

s 


illy 


70.40.1 tXM 
iT.H I ^1) 


\mM) (b1/7H 

nxed Int-...! 70.S7 i 68.79 ' ISOA 90A3 
; (M4) irm |(uni/47) (bhits) 
Ind! Old j B94.0 Sia.l : 697.8 j 40.4 

I (Alt ' (All ,tni4.vii 

Oolct Mines..' 508.0 , 

; (i;lt dUi 


|EquRles...J ' I 
Bargaina..' 71A< 

^ value { 869.9i 

|6.day AvimJ 
Gfit-Sdg^ i 


178,8 

66A 

807A 


Bsrnlnt...j 163.71 1S1.0 
itrse 


181.8 i 668,9 I' 43,6 (Equitl,,. , 

(B/llW) tnn0l7l): 8arBalns...l 6B.BI 67J> 
I i ‘ value. ' 836.5! 2833 


Win all losses. Among isdated 
movements in secondary issues. 
International Timber put oh 2 
ttf S7p and Ufontagne L. Meyer a 
peimy to 63p foSowing pvMica-k 
tloa of the merger document 
SCAT Group edged .up a fraction 
to 84p; the preliminary results 
Ban dne- nest Tuesday. Interest 
was shown in A. Monk, wtaidi 
added 2 to 64p. but Shdfieid 
Brick, a dull market redently on 
scrappy seHing, abed a penny 
XDore to a 1982 kw of 2^. 

Interest in Ihe Chemical 
majois was at a low ebb. IGl 
shaded (o 3Dip, while FIsons 
eased 3 to %7p. l%e chdnnan's 
confident annual statement made 
no apparent Impact on Coalite, 
which stayed at 117p. 

StilL excited by Eenm Corpor- 
atton's 5.1 per cent stake add 
the prospect of a full-scale bid, 
UDS remained to the fore among 
lading Stores and added 4 for 
a three-day gain o£ 10 to 6^. 
Elsewhere, the trend was to 
slightly lower levels and Maiks 
and Spencer eased a few pence 
to 154p. while House of Fraser, 
ISOp. and 'British Hcnne, 162p, 
both riicd 2. Secondary issues, 
on the other -hand -closed firmeT, 
where altered. HoHas rose 3 to 
39p, the company’s confidence 
in the outlook eclipsing the 
sb^ setback in annual earn- 
ings. Favourable Press comment 
lifted Heelamat 4' to 66p. while 
renewed speculative demand left 
Cornell Dresses 10 to the good at . 
17(h> and Folly Peck 4 up at 347p. 

Thorn EMI sold 

Fund-raising nimours cos- 


tioued to plague Thorn EUl and. 
despite a repoiCed denial fitan 
the group, the diares stEL 
finiObed 10 down at 400p after 
having earlier been sold down 
to a 1982 low of 393p; tiie annual 
results are due next Thursday. 
Elsewhere among major Electri- 
cals. the picture wag muefa 
.brighter. Ferranti were a 
tioufarly strong feature, jumping 
35 to a new peak of 805p in the 
wake of. the awTm«i> report and 
on. vague Sugegstions that either 
' GEIC or Bacal had acquired a 5 
per cent stake in the company. 

. GEC improved i more to £1(H 
after £10], -while Ksical firmed 
10 to 455p. Still reflecting the 
chahman’s optimistic annual re- 
view Pless^ advanced 13 for a 
two-day jump, of 20 to 490p. 
.Elsewhere, Gable and IFtreless 
lost 8 to 2B0p ahead of next 
Tuesday’s preliminary results, 
.ighlle Quest Antomation 7 
for a two-day sliunp -of 17 to 
38p. Following details of the pro- 
posed capitalisation pliuis, 

• Audiotronk were marked down 
2] to l]p. 

luttle of interest took place in 
Ensineerings, closing prices 
being narrowly mixed. 

The- Food sector commanded 
snore attention than most and 
the overall tone was decidedly 
ffxm. 'Vagne talk that the com- 

• pany mi^ sell its 10-5 per cent 
stake in Brithdi Sugar pranpted 
support for Banks Hovis 
McDoogall, -uhich touched 54p 
before closing a net 3 ito at 53p; 
Btitish Sugar gave up 10 for a 
two-day fall of 15 to 465p in 
toe absence of takeover develop- 
ments -with former bidders 
S. and IF. Berisford easing 2 to 
129p. Tate and Iqde, a (hiD mar- 
ket recently on the depressed 
sugar, price, continued its rally 
and gained 4 to 170p. after 172p. 
Elsei^ere, A^-ana attracted 
Anther support and also rose 4, 
to a 1982 peak of 3l2p. 

Granada lEtreat 

Granada A were a notable dull 
spot in miscellaneous industrials, 
falling 11 to 17^, after 176p, 
following comment on the 
interim statement Still reflecting 
the .factory closure and redun- 
dancies, Parker^Kmtil- A dipped 
4 further to 126p, \riiile 'Vmm 
fell-'l] to ]p. reflecting fresh 
concern about the company’s 


.trading position. De La Rue, at 
'465p, gave back 20 of the 
previons day’s rise of 30, while 
dull advices from the -Sydney 
bourse left Broken Hill Pro|^ 
rietary 12 lower at 391p and Tin 
7 off at 95p. Xhennai Syndicate, 
on the'other hand, rose 7] to 80p. 
after Press comment and Ashiey- 
Indnstrial Trust put on 3] to 
38ip, after 40p, in response to 
the results. Revived speculative 
sup^rt lifted Peter Black 9 to 
335p and J. and J. Dyson A 4 to 
82p. Lep put on 10 to 395p and 
L Bibby 5 to 275p. The leaders 
plotted an irregular course in 
thin trading; Beecbam continned 
to draw strength’from -the chair- 
man’s' confldrat statement and 
rose 4 more to 270p, while Glaxo 
' hardered 2 to 726p. On the other 
hand Unilever dipped 5 to 585p 
as did Pilklngton, to 193p. 

Bcanrose advanced 5 to 140p 
following the forecast of sub- 
stantially higher profits and divi- . 
dends to- fend off’th'e bid from 
BnnzL The latter jumped ' 10 to 
178p following the latest rejec- 
tion, iriiile British Printing and 
Conimnnleatlon, which controls 
nearly 15 per cent of Bemrose, 
added th etum to 34]p. Else- 
where in Faper/Paekagings, John 
Waddlngton, a rising market of 
late, sh^ 6 to 96p following the 
fuiiher full-year deficit 

Business in Properties failed to 
expand and the leaders display^ 
no set trenA land Securities 
edged up a penny to 287p, but 
MEPC slipped to a 1982 low of 
16^ before settling a penny 
cheaper on balance at 169p. 
Dealings in Crest International 
were suspended at the start of 
trading at lOfp; discussions ai:e 
takihg platt with Howard Tenens 
which may - lead to a share 
exchange offer for Crest Howard 
Tenens reacted to SOp befeure 
closing a net 3 down at 52p. 

Oils subdued 

negative factors, Including the 
petrol price war and the absence 
of prodnetion eeiUng lev^ 
changes at the latest OPEC meet- 
ings served to curtail interest in 
Oils. British Fetrolenm met 
scattered offering and tiled 4 
to 266p, but Shell, a'^de easier 
at one stage, picked up to close 
unaltered on balance at 38^. 
After the previous d^s gtin of 7 
following the preliminaiy results 
I C Gas softened 3 to ISOp. 

Further active trading in the 
Traded Options market and 
shortage of stock prompted re- 
newed finnness in Lonrho, whidi 
added 3 for a three-day rise of 
3.1 to 83p; the interim results 
are due at the end of the month 
with the market expecting pre- 
tax profits Of around £44m. Else- 
where in Overseas Traders, fresh 
support was noted for Indic^e, 

7 up at 272p, and for Harrisoiis 
and CrosflelA 13 better at 525p. 

Australians weak . 

A general retreat by mining 
markets was highlighted by wide- 
spread. and often substantial 
losses in Australians following 
heavy selling in overnight 
Sydziey and Melbourne markets. 

At the opening in London, 
prices were marited down sharply 
and fell further on sizeable 
selling from local and Con- 
tinental sources. 

A minor rally in the early 


Ing the initial fall on Wall Street 
yester^. Closing levels wer 
day’s lowest. 

The leading issues bore the 
brunt of the selling, with 
Western SOiuBg notably weak 


to 154p. The more speculative 
issues were also hard-hit with 
nummus stocks falling to 1982 
lows. 

South African Golds en- 
countered persistent small selling 
as the bullion price dipped gSiB 
more to $307 an ounce. 

The generally higher June 
quarter profits from the mines 
in the Gold Fields group were 
broadly in line with market ex- 
pectations and had little effect 
on sentiment. 

Registering its fifth consecutive 
decline, the Gold Mines index 
gave up 6.5 more to 1^.7. 

Losses in the heavyweights 
ranged to ]. as in President 
BranA £11], while medium and 
lower-priced stocks were featured 
by Durban Deep, 52 off at 541p, 
Doornfonteln, 24 cheaper at a 
1982 low of 526p and Grootvlei, 
27 down at a low of 248p. 

South African Financials were 
easier but losses were generally 
small. 

Profit-taking ' lowered Gold 
Fields 9 to 348p, Charter 3 to 
195p and RTZ 7 to 363p, while 
tin producer Ceevor dipped 5 for 
a two-day decline of 10 to a 1982 
low of 6Sp. 

Activity in Traded Options 
remained at a relatively Ugh 
levri and 2,666 deals were taken 
out althou^ tbe business was 
again largely confined to two 
stocks. Imperial Group, which 
announces first-'half figures today, 
recorded 632 calls, with the 
popular August 90’s and lOO’s 
attracting 198 and 140 deals 
respectively, while 100 calls were 
struck in toe November lOO's. 
Lonrho has attracted a consid^ 
able amount of call money in 
toe past week awaiting interim 
results due later this month and 
yesterday 875 calls were taken 
out, 227 of which were done in 
toe November 80’s, and 194 in 
toe August 90’s. Puts dealt 
yesterday amounted to 475 with 
most of the attention directeil 
towards • the above stocks; 
Lonrho accounting for 173 deals 
and Imperial for 63. 


OPTIONS 

First Last Last For 

Deal- Deti- Oeclara- Settle- 

ings tugs tion ment 

July 12 July 23 Oct 14 Oct 25 
June 21 July 1 July 2 July 12 
July 26 Aug 6 ' Oct 28' Nov 8 
For rote indicaUms see end of 

Share Information Seruice 

Call options were arranged in 
Lonrho, LA^O, -Rn^iy Port- 
land Cement, KCA . Inter- 
national, Carlton Real Estate, 
n, Rajheck, UDS and GEC A 
put was done in Lonrho, while 
doubles were taken out in IT, 
Hawker Siddtiey, Lonrho and 
Raybeck. 


35 


rr 

'F.P 




30/7 

cc 

F.P. 

- 

4860 IF.PJ28« 

46 

F.F.30/7 

$90 

F.P.25/6 

16 

F.P. 

16+< 

i860 

F.P. 

4/6 


F.P. 30l7- 1 

}30 

F.Pj 

|28/6 

1 IB7l3piF.P. 

B5/6 

960 

F.P. 

. 

. 1157 

F.P. 

50/7 

9105 

F.P. 

2/7 

600 

F.P. 

zn 

S160 

F.P. 


77 

FJ. 

14/7 

140 

F.P. 

ao/6 


F.P. 



F.P. 

— 


RECENT ISSUES 


EQUITIES 


Issue 

price 

P 


'Isle’S !' 


1888 




High Low I 


Stock 


Wa I la .0 


:0 


LS D '1 s_ ^ 


7.0 


8Siej 68^ Antofaeesta Hldgs(fi1: fSiG| 

14 ! 11 -Argyll Foods Wsrr^: 14 . 

{ 46 lArgyleTmit i 45 - I — I 

i860 lAswc. Heat SenriceS|875 bB.0 , B.1! 

60 BaJratow Eves 6p > 54 >t1 |bl.61;8.6| 

98 j^BlacKtMIchaeO^' 98 :u3.0j8.4i 

. 19 ICambrlan OGen.7ip| 50 ] — J ”J 

|Z93 '6>Cont. Microwave~.^20 , :b525|3A 

58 *D»noora I 62 ' 

140 jjiDniek HUgs. [167 
EleetFO-Prot USSOAB 90 


S,6<l8.1j 8A 


48 

160 

S8 

101 

38 


59 
166 

98 

17 

60 


97 


44 

90 


84 

10 

60 

150 

110 

Isos 

150 

68 

160 

38 

40 


Jb8.3 '8A| 

;uQ1.5c 6.S| 


Group inv Option.....: 12 1 [ “ 

iKniglitCni^ll^O< 60 |bdl.6 8,^ 

i>MsCBrtiiy4i9ton«...<196 -l- 10 Ib9.?5 2.7^ 
;iMlles3S10e ....118 UdLO 4.3 


$Kni! 

jdiMsOertiiy Si Stone..., 

SiMllesSS lOp .....118 , ....... 

omiameSA.(US8ljm'6Q0 bOUe22 

,4’Oilfi^ Insp. 8rMwl52 | ...,..-u8.1 3.7 

IdtRadioCityA' NV...; 88 1A| 

l9Ruddle(0.)10p......il84 [b3.3 8.6; 

iWelkar (Alfred) I0p..| 38 bO.76 6.3] 

IZambia Cons Cpr tOki 50 I i — j 


4.7'lS.g 

4,3'18.8 

4.7:12.7 

2.0^J} 

0.9j1S,1 

3.8119.1 
4.3illj« 
8.6; 9.7 
4A 9A 
2D>,17.4 
9.lllL3 

8.6121.7 

2A| 7.1 


FIXED INTEREST STOCKS 


• 

Issue 

1 = 


prion 

on 

S12 

£ 

11 

■^o: ; 

ffC 

F.P. 


1100 

Nil 

9)7 

flOO 

£10 

S6/8 


F.P. 


101 

F.P. 

50)7 

ll(» 

F.P. 

9/7 

98.55 

£2b 

8/10 

100 

F.P. 

— 

100 

F.P. 

— 

99.346 

£85 

— 

«100 

F.P. 

— 

4100 

F.P. 

— 

gioo 

Nil 

— 


1962 


Stock 


60p 

s?s; 

14618 

109 

101 

26 

100 1| 
907B 
85i« 
47 
46 




_« ;+4T 

8S - 
oa 


SBp -Antefegaata S.SS Prer.i£l) | 5Bp 

1ppm|Benlox 8g Ceiw, Cum. Rd. Pf i1ppm 

lOialBournameuthWatereg Red. Prf.’8780. ii8«i 
130 IFIrit Nat ISipe Conv, Uns. Ln. 1967 'l33 
107 |«LenaCont1liSConv.SubUnB.Ln,'854l2l08 

aSU'MaHhnrMiMK ■ k 'aLMM OX' 


!— 1 


OBikMarlborough PrQpt.10senv.Ln,'9B-900S| 
2394 Midland BK. 14% Sub. Uns. Ln. 200247. 
looii Matlenwlda Bdg. See. laifx <3/6i83).J 
997 b Do. 14g (4i7/63)..| 

84is'New Zealand 14i4g 19B7 

38 IRIT ft Northern 4pc Net Cum. Prf. £1 
46 I De. 4.7pe Net Cum. Prf. £1 


951| 

26 

lOOiii 

lOOlB 

251|| 

41 

46 


■tl 

l-lt 


ii2ppm<RotaprintlHsgCum. Conv, Rad. Prefflppm. 




RIGHTS” OFFERS 


Issue 

price 

P 

Am'unt 
paid up 

Lfttest' 
Renuno. 
‘ date 

• ■ 

1982 

Stock 

Olesing 

price 

P 

+ M 

High 

Low 

166 

Nil 

9/7 6/6 






170 

F.P. 

13/6 84/8 

190 

160 

Bank Leunil tUK)£l 

ira 


135 

F.P. 

r26l5 9/7 

180 

156 

earless Capsl lOp 

164 

•t-4 

95 

Nil 


2om 

2em 

Jenks ft Cattail 



50 

F.P. 

24/6 13/8 

61 

68 

Press (Wm.) lOp 

60 

>-i 

326 

P.P. 

17/6 30/7 

446 

380 

Saatohl ft Saatehl lOp 

410 

+ 15 

216 

F.P. 

S/7 13/8 

268 

243 

Skstehley...,. 

258 

4.6 

26 

F.P. 

10/S 10/6 

35 

24* 

Toung iH.) - 

25 



Ranundstlon date uaually last day for daslUig frsa of stamp duty, b Figurse 
bassd ea pmspactus estimtta. d Dividend reie paid or psyabla on psit. el 
capital: eevsr bassd on dividend on full espItsL ff Aseumed dMdand and yield, 
t Indicated dividend; cover rdatea to pravloua dhddand, P/E ratio baaed on latest 
annual earnings, u Forecast dividend: oevsr based on pievtoue yeeT*e eemingc. 
F Dhrldsnd and ylald bassd on prospsetus or otiisr efficisl estlmatss for 1862. 
Q Grass. T Figures assumed. O FIguraa or report awahad. 9 Cover allows for 
eonveralen of shares net now mnking for dividend or ranking only for rastrletsd 
dhridands. S Placing price, p Pence unless otbarwisa indicated. 1 1sauad by 
tender. | Offtrad to heldata ef erdloaiy atiaiea aa e “righta.*' **lesued by way of 
eaphalination. H RaJntreduesd. 11 leaned In connection with reeiganlsatiea, 
msiger or take-over. || Introduction, n Iseuad to fennnr praferanea beldare. 
■ Allotmant latteie (or fully-paid). • Prowalenal or partly-paid allotment Isoare. 

With wnrnnta. tt Daaiinga ondar spaeial Rule. Qi Unlieted Secorltiaa 
Market 49 London Listing, f ERnctlve liaiie price efter ectip. t Fermarfyi 
dealt In undar Rule 163(^Ca), ft Unit comprising Rve erdinaiy and dues 
Cap. shares, ft Issutd fi-M as an entitismsnt to erdlDBiy heldsis. 


ACnVE STOCKS 

Above average activity was noted In the following stocks yaatarday 


Closing 
pries Day’s 
Stock per>ca change 

British Sugar <65 -10 


154 
SS 
178 

Hambro LKs 285 


CRA 
Parranii 
Granada A 


MIM 


, . 144 


- 8 
+35 

-11 
+ 9 
- 5 


Ssoek 

Mlnat 151 

Pleasay 490 

RHM 53 

Tan and Lyle 170 

Thom EMI 400 

Wastern Mining 152 


Closing 
price Day's 


pan>ea change 
+ 8 
M-13 


’+ a 

;+'ft 

-10 

.-16 


TUESDAY’S ACmVB STOCKS 

Based on bargains recorded In SE Official List 


Stock 

BICC 

GEC 

Imp Cent 
Glaxo 

RTZ 

BAT Inds 
Granada A 


Tuesds/s 
No. of cloaing 
price price Day’s 
changaa ponea 


Gas 


18 

17 

14 

12 

12 

11 ' 

11 


293 

£10>i 

183 

724 

370 

432 

189 


change 
“12 
+ *• 
+ 7 
+13 
+ 5 
+ 9 
+ 3 


Suck 

Ratal Elec 
Da Beets- Dfd 
De La Rua ... 
Britiah Aare ... 

BP 

Cable and Wire 
Shall Trans ... 


Tuesday’s 
No. ef cloaing 
price pries Day's 
changaa pence change 


11 

10 

10 

9 

9 

9 

9 


<m - 2 

188 - 2 

485 >+30 

237 H--2 

270 - 2 

298 — 

386 '+4 


S 

3 t 


\ ] 
t ' 

L 

) 

1 

I 


I 


r t 




/ 


FT-ACTUARIES SHARE INDICES 

Tlitn Indctt art the iataA complUtieii sC toe Fbancbl Times, toe Institute ef Actuaries 

inri the FheuSf if Aeteries 


EQUITY GROUPS 
& SUB-SECTIONS 

ngum Bi pirwiffia w riMw number of 
sisds par ateUon 


1 

2 

U 

21 

.22 

25 

2b 

27 

29 

32 

33 

34 

35 

36 
99 

41 

42 

44 

45 

59 

u 

62 

«» 

65 

6b 

67 

68 

69 

70 

71 
81 


MPITM. G00B8 (209) 
BolldingH«crWb{23|. 


CemiadliiA: ComtnictlBB (2Q . 
BaciflGaliCSl). 


C nglnair lO B Con iTK icra (11)..— 
MechmHcri En ^ H M rlng<67) — 
Metahaod MeUrf FbrmlngdU . 
Motors (20).. 


Other IndMtriil Mteerlals (38) . 
COWSima GROUP (202) .... 
Orewen and IHitlllareC22) ...... 

Rod M u n s htt wrlngCO-— — 
Fsod RMattn8a4). 


HNlih and HoofeMd protoeb (9). 
Leisure (23). 

Wi w ip np t i' W P»*M*ig 03) . 
PMfmgliig nod Pn^ (1^ ~~ 

Sum 

TsstHsaC^, - 

TahaiTBfO). 


OUitr Cenmner ^ 
OTHER BRWK (78). 
ChenrioiiflS)- 


OWca C qwU Mwt W — 

DriiitiHg ind Tranpnrt (IS) 
Mb c s 1 l M eeusl44)'. 


illUUgTEMLBafillF(4Bn.. 


oasoaiL 


sobsauMEmaa. 
niwieiALomopain. 
Bei8a(b), 


Otaoort Homai 


hGnraneetCwiuMNeXIO)- 
iMunecaBnlcnCT) 

Mafthnnt BUfdis(12)Miniii— ni.i. w iiw 
Ropefty(4^....»~— - 
OrtwrFhmiAlflS)- 


iiwefOmid Trulls (2U).. 
MMagFlniwiC^....,— 
OvaimeiTtedafiOB). 


ALL-SHARE moot (750). 



Wed July 7 1982 

Twi 

' Mm 

■7 

Pri 

1* 

TMs 

? 

Yew 

ago 

(NPPXj 



Est 

£aniim 

ClPB 

ON. 

ESL 

WE 






Mn 

DSf^ 

ykM % 

YMd % 

IMP 

Isder 

Iris 

Iriex 

htin 

ImIb 

No. 

Ctmes 
% , 

(IteL) 

(ACT 

tt30K) 

(IM) 

Ns. • 

Ho. 

No. 

No. 

Ns. 

90JSI 

+46 

939 

427 

1330 

39117 

3070 

3051* 

300 

3*70 

32L82 

-OJ 

1221 

527 

14.31 

32126 

vresa 

32027 

3210 

3000 

S8A06 



1524 

529 

723 

5B323 

5770 

5H0 

576.70 

5410 . 

154M3 

+L5 

625 

220 

1458 

152921 

1S0U9 

149541 

14HS 

1336J4 

mJD 


1330 

626 

.90 

4I2JI 

47756 

4730 

4750 

4170 

MA23 

-92 

lias 

620 

1026 

19639 

1940 

195M 

1950 

2170 

14T.W 

-92 

1225 

■29 

9.0 

14MI 

M757 

1460 

147.91 

lOM 

2k» 

+92 

Z70 

921 

_ 

I6J2 

0552 

0*0 

050 

990 ^ 

asM) 

+92 

U20 

623 

IL79 

35Z3* 

3tt.0 

30A 

34M3 

3760 

3Ma 

_ 

13.0 

5.75 

93^ 

SOUS 

3000 

2990 

3000 

27571 

V99AJ 

-92 

MJ9 

639 

449 

3950 

31501 

aim 

3170 

30*75 

262.56 

+92 

3723 

727 

635 

26122 

2642S 

2027 

2990 

2570 

627 JS 

+9.9 

927 

3LS6 

3229 

62231 

6140 

6060 

U10 

590 

472J4 

4«J 

737 

329 

3620 

4M.75 

«6J« 

45164 

4570 

3920 

4BSA6 

-13 

10.75 

5L7S 

21.75 

4150 

400 

41101 

4130 

4K59 

mS 

+92 

23J9 

622 

921 

5010 

SOU* 

50657 

5070 

4M47 

+93 

1222 

723 

623 

MLH 

.13778 

1360 

3300 

1420 

mn 

-92 

1074 

S2S 

1236 

271M 

Z»26 

26575 

2C50 

2510 

U8J1 

-92 

M21 

6.0 

40 

U429 

U10 

1620 

162.41 

1570 

3SCU 

+03 

2124 

■23 

526 

3350 

329.n 

32544 

32559 

2560 

26SA3 

_ 

627 

624 

3125 

2(321 

26U6 

2U.0 

265A 

2980 

m« 

-M 

UM 

6.75 

465 

25037 

MJl 

2170 

2410 

22476 

3B6.M 

-92 

2450 

731 

126 

329J2 

aiasT 

32464 

3300 

27847 

nm 

_ 

3627 

9J3 

725 

0.0 

00 

0044 

100 

1160 . 

566.99 

+95 

1934 

752 

623 

54427 

53573 

54L25 

5047 

SMH 

SDS3 

-93 

3122 

5l7S 

1025 

3290 

3963* 

30*0 

32*47 

2150 

am as 

+92 


531 






lOT 

666.97 

-a7 


■27 

470 






S53L65 



3210 

24255 

+07 

_ 

6.99 



MM 

^2390 

^mja 

26189 

26756 

+93 

3497 

452 

821 

265M 

M4« 

'2600- 

9UI9 

2700 

2S019 

+05 



9.99 

_ 

22M5 

2039 

2270 

2225* 

2740 

26623 

+12 

_ 

6.17 

_ 

MIA 

2030 

2910 

2590 

2650 

1547$ 

+13 


9J5 

_ . 

15UB 

1520 

1SB0 

MI.0 

17275 

515 J1 

+9.9 

39.92 

523 

1453 

51123 

500 

5000 

49846 

3910 

13127 

taw 


476 

. — 

1S129 

128.79 

13491 

13U7 

XOH • 

39445 


520 

499 

B27 

3940 

3020 

300' 

3V0 

47L0 

uue 

-02 

1929 

6.99 

629- 

36US 

Mca 

.16461 

USA 

1750 

vas M 

+02 

.M 

5J2 


MU9 

2940 

2M77 

MIBB 

3090 

■HBTIfl 

-22 

1739 

7.79 

721 

W14 

MU* 

1780 

1790 

2990 

35L94 

+15 

1455 

920 

445 

306A 

3076 

33M0 

3370 

4330 

323J6 

+02 

' ' T" 

620 


32101 

320L37 

— r- 

.31U2 

— r 

300 
— ’ 1 

3100 


FIXED INTEREST 


j 

^31 

o 

M 

Tins 

r 

ad aft 
todV 

adiA 
1962 
ID toff 

1 

OSS 

ii 

*00 

1150 


SL0 



QZM 

-90 

E3 


A9l 

-J 

IWHimk 

115B* 

-A27 

U60 

__ 

70 

4 


3190 


1190 

— 

70 

S 


3390 

-00 

12376 

— 

■Uj 

D 

ChSES 

0521 

+4lU 

CS3 

- 

11^1 

H 


-«60 

- 

JiiL 


Eli 







NEW HIGHS AND 
LOWS FOR 1982 

. The Wlo«»lns auotatleiw hi the Share 
intomaMn Service yeatenlay attained new 
Highs and Lswi tar 198Z. 

NEW HIGHS (27) 

. . BRITISH FUNDS f 1 > 

Exch.9lAC 1982 

. ^ CaweRATIMI LOANS fl) 
Simdarland l2Lac 1984 

FFI 7LpcADcb “***“ 

BBSRS Ml 

Greene ICiiig Ydbiw Praw. A 

Mamoa Thoaiat en Do. Nen-Vts. 

ELECTRICALS (S) 

Cambridge EtaB. Pleaev 
F^anU Reeal EMeb 

GEC 

FOODS W> 

Avaia HaclvNead 

BNam Safetrers 

INDUSnilALS ( 5 > 

Black <P.} Len. Priv. Health 

CIceo Wcatem Beard Milli 

Lee Group . 

INSURANCE <31 
Phornbe San Lite. 

Heetb<C.E.> 

MOTORS ( 1 ) 

Lex Service 

PAPER (1) 

Bemroee 

OIL AND GAS (11 

ORE 


NEW LOWS (68)' 

CANADIANS (II 

Hudaan’sBcv 

BANKS (1) 

JeiselTevnbM 

BUILDINGS ni 

Sheffield Brieic 

sreRis (» 

)*a.'hM(S.l Time Pradiiea 

Cbitvs 

ELECTRICALS ISI 

Auderrsnie Qnenqats. 

Thorn CMI 

ENGINEERING (S>' 

Emwn rjehnt . Moi» Eng. 

Hall Enp. 

• INDUSTRIALS (11) 

8. H, Pt«». LeiWoB A Mtalnd 

Cowan d^ Grog; Rowan ft SodiM 

Eastprw Preduce Seefc r ea 

Fc^OlRV IOj TNT 

09. Dtfri. Vinera 

Granada A _ 

LEISURE (1) 

Mangmt. Agtncv ^ Mole 

MOTORS CU 

Kwik-Fft I neat lads. 

PROPERTY fSl 

Cardiff Prsp. Ldn. ft Prov, Sbea 

CaMrottKlil MIPC 

Land Inv. Pennine Com. 

Lend Lena *-ick CenvenloD 

SHIPPING (II 

Common Bros. 

TRUSTS (S) 

rresehor Jasan Grrsham Hom* 

Ena. ft ln;i. WciSool lav. 

6. T. Global 

OIL AMD GAS (91 
Am. Dll Fieto Moray FiRh 

BP $UB (UK) novelty 

Clo. Fr. Petraias WarHrr Rm. 

riaremenr Ft. Weodsido 

CBlIlns'r-i ”-*• 

OVERSEAS TRADERS (2) 
Mitchell Cons ‘ N^eon Inv. 

RUBBERS IZ) 

Highlaam V>f>v poets. 

MINES (1S> 

Creeorefcl oiimln 

Deerntantefa P-Ko-WallMRd 

St Helere We*twn Mining 

MMdIe Wit. Whan Caek 

Band Con. Geev or 

Metramar GeoeogCou. 

M.I.M ' ' Tengleab Hareenr 

North B. MR 


RISES AND FALLS 
YESTERDAY 


British Pufidg 

Corpna. Dorn, and 
Foreign Bendo 

Induairtata 

Fwi. and Praps. ... 

Oils 

PfantatieBS 

Mmos 


Rises Falls Same 

1 

0 

44 

IS 

5 

68 

221 

-ISO 

936 

91 

SB 

367 

15 

0 

60 

1 

4 

18 

7 

86 

64 

67 

0 

80 

ST7 

4S2 

1.607 


APPOINTMENTS 


New chairman 
at Gold Fields 


Lord Errall will retire as 
diairm an -o f CONSOLIDATED 
GOU) FZEL^ OD Deirember 31 
and be succeed^ by deputy 
chairman end group riiief 



kfr Kndolph Agnew 

executive Mr Rudolph Agnew on 
January 1. 

Mr Agnew will continue as 
group riiief exeeutive whilst 
Chaim an and Loid ErroU will 
become president on January L 

ft- 

Mr Paul- Rylatt has become 
managing director of T OWR'y 
LAW (PENSION SERVICES) 
and TOWR'V LAW (PENSION 
CONSULTANTS). 

ft 

Mr John Fergnson and Sir 
William Harkness have been 
appointed to the board of the 
WEIR GROUP. 

ft 

G5F, a van Onuneren Group 
member, has appointed Sir David 
B. Gamiingliam as air marketisg 
and development manager. 

★ 

Sir TgainH Berlin has been 
re<appointed as a trustee of the 
NATIONAL GALLERY on the 
expiry of bis term of office. Hr 
Hlehael Sadber bas been 
appointed a trustee in succession 
to Sirs Heather Bri^ocke who 
has retired. 

ft 

GESTETNER HOLDINGS is 


W MIC tPi AIAA 

Gestetner and longer range 
' ling that of Mr JonatoaD 
Mner. Each continues as 


joiTM ebamneo oi tiie group with 
executive icsponsibilitaes. Mr 
Jonathan Gestetner will chair all 
meetings of toe Holdings boezd 
and Mr David Gestetner has 
been appointed group mana^ig 
director. 

■ft 

COMMONWEALTH DEVELOP- 
MENT FINANCE COMPANY 
has appointed Sir R. A. Arthur 
head of operations. Mr Arthur 
was formerly chief executive of 
toe Australian subsidiary CDFC 
Australia, where he has been 
succeeded by Mr D. W. P. 
Hallahane from London. 

ft 

BELLWAY has made tbe 
following appointmeDts within 
its subsidiAxies: Mr Antony G. 
Waugh has been appointed to 
toe board of BeUway’s transport 
and plant subsidiary George 
Blackett. Hr Jim Faikin bas 
been appointed general manager 
of Nixons Kitchens. 

ft 

At DUTTON - FORSHAW 
MOTOR GROUP -Mr John Wyatt 
has become director of fleet 
sales. He was UK sales manager 
for Gelco bternationaL 

ft 

Hr A. H. (Tony) Wl Iloug Miy, 
THORN EMI'S LIGHTING'S 
director . of research and 
engineering intends to retire on 
July 31. but vrill remain a con- 
sultaoL 3Xr Ken ScetU previously 
hes^j of the laboratories at 
Leicester, will succeed him as 
director of research and 
engineering and vdll join tbe 
main board of Thom EMT 
Lighting. 

■k 

BRITISH AEROSPACE has 
appointed Mr Richard Smith. 
Wright, financial director of the 
Weybridge-Bristol division, ai^ 
craft group. He succeeds Hr 
DMiglas Wynne, who will under- 
take special assignments as well 
as retaining his responsibilities 
as divisional resources director. 
Succeeding Mr Smith 'Wright as 
financial controller will be Mr 
David Essex, chief Internal 
auditor. Mr John Adams, assis- 
tant treasurer, will become chief 
internal auditor. 

_★ 

Hr Ranald James Paterson has 
been app<^ted to toe board of 
BRITISH -VENDING INDUS- 
TRIES. 


NEALE HOUSE INVEST- 
BIENTS has appointed Mr David 
D. Bailey, fonnerly the joint 
maoagang director of Berkeley 
Hambro Property to its board as 
deputy chief executive. 

★ 

Mr Kenneth Lott has joined 
toe hoard of A. H. PHILPOT 
AND SONS laniiK POWDERS). 
Mr l^tt recenUy riianged his 
respoasibilities from export 
manager to marketing director. 

•k 

EHI MUSIC is making the fol- 
lowing appointraents on August 
1. Blr Peter Nampell, manag ing 
director of EMI Austria has been 
appointed managing director 


EMT Records (Switzerland) AG 
in succession to Mr Guy Deluz 
who moves to a new position 
within EMI Music. Following 
Mr Mampell’s appointment, Mr 
Kick Kllmbie, director interna- 
tional operations, Europe, for 
Capitol Records, becomes man- 
aging director Columbia-EMI 
Austria GmbH. 


Mr E. R. Jeynes, formerly 
senior partner of the Blnndng- 
ham and Midlands practices - A 
Price Waterhouse and Co., bas 
bera appointed a non-executive 
director on toe Birmingham 
local board of BARCLAYS 
MERCHANT BANK. 


EUROPEAN OPTIONS EXCHANGE 


S«i1( 


Aug. 

Vel. > Lost 


Nev. Fnb. 1 

Vol. I Last I Vol. I Laat Stock 


GOLD C 

$3001 

3 

81 

— 

— 




8307 

GOLD 0 

8385 

7 

6 

10 

20 




GOLD C 

S 550 

2 

840 

• 4 

18 

ISS 

82 


GOLD C 

S 37 S 

IIB 

2 





IF 

GOLD P 

8300 

— 



5 

14.60 




GOLD P 

S 325 ' 
8350 | 
SI 67-91 

3 

21 

to 

29 

- 

— 


GOLD P 
183 « NL 

" 

“ 

a 

44 

- 

“ 

> 6 . 

C 

F. 112.601 

26 

0,30 

: — 






P.U 0.80 

P 

F.llO 

10 

00 ) 





*9 

P P.llSj 

IIU NL 82 88.68 


- 

2 

s 



C F. 100.501 
10 NL 88 86 ft 9 

100 

0.50 

— 

— 



p.loa 

C . 

p, 102 .S 0 | 

20 

0.10 

f - 





F. 97 .S 0 

P 

F 4 S| 

July 

too 0.60 

Oct 

Jan. 

. 9 ^ 

ABN C 

F 480 I 

— 


4 

7.50 



P .877 

ABN C 

F.SQ 0 


_ 

8 

10 ) 



IP 

ABN P 

P .280 

s 

2«50 . 




_ 

AKZOC 

F 45 



5 

1 

5 

1.60 

Fe 23!70 

AKZO P 

FS 2 . 60 ' 



5 0.80 




AKZO P 

F .2740 

8 

3.60 


- 



. 

AMRO 0 

P. 45 ; 

— 

— 

is 

3.80 B- 1 

4*50 

Fv 46.80 * 

AMRO C 

F. 50 ! 


_ 

1.40 




AMRO P 

P. 45 : 


— 


_ 

7 

8.40 

ly 

HEIN O 

F .551 

5 

2.60 


_ 



Ps 57 J 0 

HEIN C • 

F. 60 ! 

— 


1 

1.50 





HEIN P 

F. 60 , 

80 

3.10 

— 

— 

— 

— 


HOOG C 

P. 1 & 


_ 

35 

1.40 

_ 


F .1540 

HOOG C 

F. 17 .S 0 , 


_ 

70 

0.70 

10 

1 B 


IBM C 

365 : 


— 

- 



1 

8 ifi.S 607 s 

KLM C 

, F .80 

5 

e 

10 

11.50 

_ 

_ 

F .88 

KLM C 

F. 90 . 

86 

1.80 

2 

6 -.S 0 

_ 

_ 


KLM C 

' F.llO 

10 

0.20 

'21 

3.60 

30 

6 

p» 

KLM P 

F. 90 ' 

ig 

2.70 

10 

6.50 

_ 


KLM P 

F.lOO; 

. 3 

11.70 

10 

12.50 

_ 



NEDL C 

F.llOl 

— 

— 

14 

6.70 


- P. 111 . 6 Q 

NEDL C 

F. 120 : 

— 


80 

3 



«* 

NEDL P 

F.llO 

- 

— 

8 

3.20 

3 

4.508 

NATN C 

Faiol 

8 

6 

— 



F.i£^. 8 a 

NATN C 

P. 115 . 

85 

140 

3 

3 

6 

4 


NATN P 

P.llOl 

— 


1 

1.50 

_ 



PHIL C 

F. 80 I 

5 

8.70 





- IF .2201 . 

PHIL C 

P 28 . 50 I 

ID 

0.50 

58 

1.60 

31 

2.20 


PHIL C 

F. 8 SI 



25 

0.60 

4 

00 ) 


PHIL P 

P, 2 . 86 bl 




51 

0.90 - 

_ 


fl 

PHIL P 

F .25 

— 1 


1 

ZAO 



_ 


RD C 

F 0 ) 

10 1 

8 .M 

'80 , 

B 

_ 


F.a £60 

RD C 

P. 00 | 

— 1 

— 

577 1 

8.20 . 

371 

3.40 

rr 

RD P 

P. 80 I 

50 ' 

Oslo 

77 - 

101 

47 

2.60 


RD P 

F 0 I' 

38 . 

4 sS 0 

10 

7.80 

1 

8.50 


UNIL C 

F. 140 ! 

_ 



1 ' 

6 B 

— 


F.iA.70 

UNIL C 

F. 150 - 



8 . 

3.50 . 

5 : 

4j40 

UNIL e 

F. 160 ' 

1 


8 • 

1.80 

_ 1 


II 

UNIL P 

F .140 

— 


S 

2.50 

— 1 

_ 

UNIL P 

F .150 

10 ; 5 

Aug. 

Nev. 


1 

Feb. 

mw* 

VW C DM. 150 . 4 ' D. 9 D ! 

TOTAL VOLUME IN CONTRACTS 

8468 

— , 

— ■ 

- iDMlSO 


AsAikaU 


B=K(I 


c»Ca 1 i 


P«Put 




















36 

Csnpanies 
and Marksb 


CURRENCIES and MONEY 


DoOar at new peaks «-or .n, rpRw^ 

. - — — * - - — — fc- 


I mie SoUar toudied record 
levels in currency maiicets 
yesterday, nnderpumed rising 
XI^S. ioterest irates and short 
covering ahead Qf expected dis- 
tortions in U.S. money, supply 
later this montii. lE reached 
record levels against the French 
franc and Italian lira while the 
Japanese yen sank to its loivrest 
level since September 1977. liie 
3>aark v^as at a new 11-month 
low and the Swiss franc at its 
[worst Jev.el since Septembec 
J98L 

Sterling fell to its lowest level 
since January 197^ against the 
•dollar but showed a very firm 
trend elsewhere, rising to a 
three-month hl^ a^dnst the 
D-mark and its best level against 
the French franc sinoa October 
1.972. 

DOLLAR — Trade weljdited 
Index (Bank of England) 122.7, 
against 121.6 on Tuesday 
107B six months ago. Three- 
raonth Treasury bills 1Z64 per 
cent ,(11-66 per cent six months 
ago), Annual inflation 6.7 per 
cent (6J per cent previous 
sionth) — The dollar clos^ at 
DM 2.5135 against the D-maxic 
compared with DM 2.4900 on 
Tuesday, having traded as bi^ 
is DM 2.52. Against the Swiss 
franc it rose to SwFr 2.1490 from 
SwFr 2.1210 and Y2S9.35 from 
IV257.70. It closed at a record 
■level against the French franc 
at FPr 6.9790 from FFr 6.9055. 

STE3EQNG — Trade wei^ited 
faidmc 9L1 against 91.1 at noon 
and the opening and 9L2 on Tues- 
day (91.7 six months ago). 
Threesnonth interbank 12H per 
cent (15^ per cent six months 
ago). Annual inflation 9.5 per 
cent (9A per cent previous 
month l^Sterling traded between 
51.7045 and $1.71.10 btfore 
closmt; at $1.7080-1.7090, a fall 
of 1.4c. It mse to DM 42950 
from DM 4.2S75 against tbe D- 
Jiiark aod SwFr 3.6725 from 
SwFr 5.6550. It was also higher 
at FFr 11.9250 an terras of the 
French franc from FFr 1L8925 
pireviotisily. 

DMARK — EMS member 


(weakest). Trade weighted Index 
124.1 *B**"Ftr 124.5 on Tuesday 
and 122.4 six months ago. Three- 
month. interbank 9.55 per cent 
(10.55 percent six Tn«w ^iig ago). 
Animal inflation 5J1 per cent 
(52 per cent previoos xnonth) — 
Ihe D-mark was weaker at 
yesterday's fixing in Frankfurt 
with attention focused on the 

S rise of ithe dollar. It was 
at DM 2.5L45 up from 
DM 2.4839 and its hipest -level 
aace midAugust last year. 
Trading was generally th 4n and 
there was no iotervention at the 
fixing by tbe Bundesbank. Fears 
of higher U2. krterest rates was 
seen as the ma in reason for the 
rise. The D^narte was weak else- 
where wdtii the DtEtch guilder 
rising to DM 9023 per FI 100 
from DM 90.500. The Swiss franc 
was also higher at DM 1.1742 
compared! with DM 1.1729t, 
while sterLiog rose to TOS 4.2960 
from DM 42860. 

BELGIAN FRANC — EMS 
member (third weakest). Trade 
weighted Index 94.5 against 942 
On Tuesday and 1042 six months 
agOb ThreMionth Treasury bills 
15} per cent (15 per cent six 
mwttiis ago). Aimnal inflation 
9.8 per cent (95 per cent pro- 
vious mondi)— There was no in- 
terveatioo by the Belgian central 
bank in tbe foreign exdiange 
market last week acconUng to 
figures released yesterday. This 
is the tirinl week in soecession 
where =the authorities have not 
been obliged (o support the 
Belgian franc wifbdn the 
Eunmean Monetary System and 
underlhies the fisc’s steadier 
perfonnanee since the latest 
currmcy realignment wHhin the 
EMS. M yesterday’s fixing in 
Brussels the D-mark was higher 
at BFr 19.1235 from BFr 19.1110 
and the French franc rose to 
BFr- 6.8002} from BFr 6B820. 
7%e dollar was fi-rTner at 
BFr 48.04 from BFr 47.46 and 
sterling unproved to BFr 82.08 
from BFr 81.8875. However, Ihe 
Belgian fraxtc did not appear to 
be under any immediate 
pressure. 


July? 


CiOM 


OflenMMh 


p.a. 


THre» 

mentha 


% 

p.a. 


U.S. 

Csnadi 

NetMnd, 

Batgium 

Danmark 

Ireland 

vy, Qar. 

Portugal 

Soain 

Italy 

Normy 

Franca 

Swadan 

Japan . 

Austria 

SwjtZf 


1.7MS-1.7130 

22066-22165 

4.72V4.7B 

S1.7M2.2S 

1420-14.88 

12465-12435 

428V422 

1Q20-146.00 

191.25-183.75 

2^2.414 


1.7880-1 .TOW 

2213542166 

0.73V4.7P. 

82.14-8224 

1423-1424 

12481-12491 

4.20420 . 

145.20-148.20 

193.1S-1W.6S 


0.42-027cdls 
0.82422edis 
IVIHc pm 
1343c dia 
Z>r4^oiBdla 
0.6S-0.78P dia 
IVIHpf pm 
8D-W5edll 
18D-185C dis 


2208>a-2210ii 14-17iir0 dia 
10.90S-102A 10.9B>z-10-94|j 3V4Soradia 


1128>i-11-Wb 11.92-1123 
1025tr10-83 1029-10.SO 
440-446 4 4y »^43 »i 

30.06-3020 30.17-30.22 

3.644.654 3264-3.674 


1>74>ie dis 
lV2>iora dia 
2V1’isr pm 
12>i-8^^ pm 
2V4^pm 

Balgian rata is far eenverbbla francs. Finsnclsl franc 89.2029.30. 
Slx-imiiith forward dollar 3.094.14c dia. 12-inenth 6,20-5. 39c dis. 

THE DOLLAR SPOT AND FORWARD 


-3.13 121-1.S6dis 
,-4.71 2.74-224dlS 

3.48 4>i4^ pm 
-223 57-67 dis 
-2.12 lOVl2*i dis 
-622 2.15-221dis 

324 4-3>apm 

14.31 220-775dis - 
-10.70 600-545dts - 
-7.72 49-63 diS 
-4.ia 10V 12 dip 
-2.01 10-12 dia 
.-128 5V5^dla 

6.76 6V6% Ptn 

422 291i-23>* pm 

7.76 7>H^ Pf” 


-329 

-524 

328 

-322 

-3.13 

-7.14 

3.49 
-1326 
-10.81 
-8.47 
-4.13 
-3.G9 
-2.17 

520 

3.51 

7.49 


July? 


DayTa 

spraad 


Cloao 


Ona iRontti 


% 

p.a. 


Thraa 

montha 


% 

p.a. 


UKt 

Iielandt 

Canada 

Nathind. 

Balgium 

Denmark 

W. Gar. 

Portugal 

Spain 

Italy 

Norway 

franca 

Swadeit 

Japan 

Auatrid 

Swia, 


1,7080-1.7090 

12680-12710 

12955-1.2965 

2.7880-2.7710 

4S.0O48.11 

8.68264.6875 

2.5130-22140 


022-027edia 
O.SO-020epm 

0. 184)21e dis 

1. e3-123cpm 
5-2c pm 
0.6S-020DIB am 
1.48-123pf pm 
90-130edia 

113.15-11320 68-7BC dia 
5-6iira dia 
020-4L90Dra dia 
0,7022De pm 
0.60-0.40era pm 
124>1.86ypm 
IIVIO^i^ pm 
Z.10422epm 

1 UK and Ireland are quoted In U.S. currency. Forward premluiM and 
jdiscauntg ap^x W the JJ.3i dollar and net to the Individual currency. 

CORRENCY MOVEMENTS CURRENCY RATES 


1.7046-1.7130 
12870-12716 
12946-1.29S 
2.7850-2.77B6 
472648.11 
8.68068.7000 
22080-2.S200 
852045.75 
111.13-113.20 
• 1207V1,410<a 1207V1209 
.629404.4060 6297542825 
B27004.99IS e.9f76642815 
6.198542070 6.192fr4.1875 
258.9049920 2S8.264S920 
1727V17.70ti 17.67V17.S8 
2.13W4.1S80 2.14864.1456 


-3.131.S1-1.S6cna -S.SS 
3.16 120-1.15 pro 227 
-120 0.48-022dls -124 
623 4264.73 pm 6.89 
027 16Se pm 0.62 

0.72 0.70-020 pm 021 
3.47 4.36423 pm 6.93 
-1121 70-370 dia -1028 
-7.74 200-226 dis —7.51 
-428 17-18 dis -427 
-121 l.50-120dls -126 
027 0.35-pm425dia — 
027 1.76-1.W pm 1.09 
8.79 522-9.72 pm 8.90 
729 34-31 pm 7.35 

1120620 - 622 pm 11.09 


July? 

Bank ef 
England 
Index 

Morgan 

Guaranty 

Chaagoft 


91.1 

-43.3 

U.& dollar. 

182.7 

-f-M.! 


85,4 

—81.7 

Auatrian echllllng.. 

116.4 

•f26.3 


94.5 



81.8 

—14.7 


124.1 

4-49.1 


14S.7 

•t-94.3 


115.4 

-1-83.1 


73.6 

—80,8 

lira. 

53.4 

—68.6 

Yen 

131.5 

•f86.3 


July 7 


8tarlin8>~-~-| 

U2.8. 
Canadian I.J 


Austria 8ehJ 63«| 


Balaian P. 


Baiad on tnda wa i gHIW chaagas ftom 
WnhbiBten asraamont Dacambar, 1971. 
Bank ef Bigland Indax (baaa pwraaa- 
1S»w10Q>w 

OTHER CURRENCIES 


iigi 

Oaniali Kr... 

O niark........i 

Guilder. 

Franco Fr.... 

ura 19 

Yen 6l| 

9 

a 

Swedish KrJ 10 

Swiu Fr. j Slgi 

GrsakDr'ehJ 20ial 


iBank 

rate 


IS 

16.581 


14 

11 

9iel 


Special 

Drawing 

Righta 


[European 

Currency 

UnKi 


0.638673 

128170 

WA 

19.1658, 
612640 
NIA ! 
8.71993' 
3,96955 I 
7.53691 
158425 
88a053 
5.98589', 
NiA I 
6.70870 1 
521679 
HIA 



*CS/50R Fata for JulX 5s N/A. 


July? 


EMS EUROPEAN CURRENCY UNIT RATES 



ECU 

central 

ratea 

‘ Cumney 
emounte 
againet ECU 
July? 

,% change 
from 
centra! 
rete 

ehaige 
idiusted for 
dhrerganea 

Dhrergenco 
limit % 

Balgian Franc ... 

44.9704 

45.1982 

+0.51 

1+0.27 

±15501 

Denreh Krone ... 

8.23400 

8.17235 

-0.75 

-0.99 

-H.e4M 

German D-Mark 

2.33379 

2.3B450 

1+1.32 

+1.08 

+1JI888 

French Franc _ 

6.81387 

8560U 

-0.81 

-%fiS 

-*-1.3840 

Dutch Guilder ... 

2.57971 

2.50895 

+1.13 

+0.89 

-4-1.5004 

Ineh Punt ......... 

0.691011 

0.686498 

-0.65 

-0.89 

-I-T.8691 

Italian Lira ..... 

1350.27 

1326.16 

•-1.86 

-1.86 

±4.1338 


Argantino Peao...|t31.16CU3t2QG tSO.000 

AustrallaDellar... 1.5845-1.6866 02878-02876, 
Bratll CnnairoJS94.75495.79 172,53-173.191 
Finland Marktal!&17512.1874 4.78752.7896 
Greek 0raehiT^119.15-119,5S 6920-69.60 

Hong Kong 0eilaniai4ia-10.16 624752,9625 

IranRial.. *146.30 *8420 

KuwaRDInattKD) 9,452104.41287 02B«I52.28B«6 
Luxembourg FrJ 88.142324 48.0948.11 

Malayala Dollar J 94.04-425 82600-8.3710 

NowZealandDlrJl.31964 2835 1.3587.1.S606 
8audtArab.Rlyal 6.8745-6.8815 324004.4480 
Singapore Dellail 328l42.69i4 8,15864.1605 
Sth2frioanRandl.0784-12S30 1.1677-1.1690 
U.A2. Dirham..^ 626802.8775 327804.6740 
* Sailing rata. 


Austria............. 

Balgium 

Denmark 

France ......... 

Oarmanir— 

Italy.... 

Japan........... 

Netherlanda ... 
Norway.......... 

Portu^ ....... 

Spain. .. . .... 

Sweden 

Swltzarfand.... 
United Stataa. 
Yugoatavia.-... 


Kota Ratos 


30.15-30.45 

8820-8920 

14.79-1423 

11.88-1128 

428U-4.38I4 

33704410 

043-448 

4,78ls2.74ls 

10.90-1120 

1401I-159 

184-19211 

10.67-10.67 

3.643«22Sls 

1.70-1’78 

801B-95 


Changes are for ECU. therefore posltiva change danotaa d 
weak currency. Adjustment calculated by Financial Times. 


EXCHANGE CROSS RATES 


tRats ahotwt for Argandna la comniamial. Fimnofal rats: 46.8QS-45.863 against 
atarling: 35H04fi2SO agnnat dotlar. 9 Marlaywan doMar. ^July 5) 4.0635-4.0735 
agamat attrlinga 



July 7 

Pound st’rllns 

U.8. Dollar 

Deutschem'k 

JapaneaeYer 

PretiahPrano 

Swisa Prate | Duteh Guild' 

Italian Ura 

SSI 03 


Pound Sterling 
U.8. Dollar 

1 

0,689 

1.709 

1. 

4.896 

2.614 

443.0 

2593 

11.93 

6.960 

3.673 

8.150 

4.738 

8.773 

8409. 

1410. 

2.216 

1J»6 

83.19 

48.11 

Deutsehemerk 
Japaneia Van 1.000 

OJ33 

8.257 

0.398 

3.857 

1. 

9.690 

103.1 

1000. 

8.776 

lejBS 

0.855 

8.290 

1.103 

10.60 

660.9 

6438. 

0.516 

4.990 

19.14 

185.6 

French Franc 10 
Swiss Fra ne 

0.B39 

0.272 

1j433 

0.46B 

3.608 

1.170 

871.5 

12D.6 

10. 

3.247 

3.080 

1. 

3J973 

1.290 

2030. 

656.0 

1.857 

0.805 

68J)8 

82.38 

Duteh Guilder 
Italian Ura IJWO 

0.811 

0,418 

0.361 

0.709 

0.907 

1.7SS 

93.91 

183.9 

8.617 

4.950 

a776 

1.584 

1. 

1.969 

808.6 

1000. 

0.467 

0.910 

17.39 

34,11 

Canadian Dollar 
Belgian Franc 100 

0.468 

1.817 

0.773 

8.079 

1.939 

6.326 

300.0 

539.0 

6u8B9 

14.91 

1.658 

4.468 

8.139 

5.764 

1088. 

8931. 

1. 

S.6S4 

in 


FT LONDON INTERBANK FIXING ( 11 . 00 a.nis JULY 7 ) 


3 months U2. dollars 


bldlSiS/ie; offer 16 


6 months U.8. dollars 


bid 16 1(8 offer 16 IK 


The fixing ntea am the arHhmatie means* rounded to the nearest ooa- 
ahrtaanth. of the bid and offered ratea for SlOm quetad by the markat.to five, 
laferance banka at 11 am each wsrkfng day. The banks are National Vtostmlnstar 
Bank. Bank of Thkyow Dautaeha Bank* Banqua Natlonala da Paria and Morgan 
Guaranty Trust. 


EURO-CURRENCY INTEREST RATES (Market closing Rates) 


July? Sterling 

U.8. 1 Canadian I Duteh 

Dollar Dollar I Guilder 

Swiss 

Prana 

D-mark 

French 

Franc 

Italian 

Lira 

Beigla 

Cenv. 

q Frane 
Pin. 

Yen 

Danish 

Krona 

Short term 12s,i-12li 

7 day's notice. 12sq-12Ta 

Month ' 12Srt 12S. 

Three months lS&a l3'i 

MX months ! lSsq-l2lt 

uneVe.ir 12;i-12(.< 

14S|.15 
X4;s-15lfl 
ISan-lSSfl 
16i.-f-16,(, 
16 1614 
lSHi-16tl, 

17lfl-18ls 

17.18 

17.17U 

17«-17ri, 

17iq-1734 

1718-17^4 

9-9 Iq 
86s 87g 
Bis 9 
9+ 9A 
Sre-Sik 
9ig-9Sa 

8S).3 

213.3 

4.r4* 

4W-4is 

STr.6 

BBlg 
8i;r84 
8(*-94t 
9ia-9U 
9^^ 
9to 0l8 

I 4 I 4 .I 6 

143i-16 

1434.15 

I 534 -I 6 

17-1798 

J77e-1BU 

18-80 

184-19TS 

19l»-80l4 

aoie-ax 

Slaq-SlTs 

815(.8S9b 

ISVlfito 

-13is-14a« 

1431.15I8 

ISIg-lSSs 

I 8 S 4 .I 8 I 4 

ISlf-K 

144-15 

15-1614 

16IB-1SU 

154-15,^ 

IBU-lSSq 

ISrir-lSiV 

64-^4 

fA-S« 

67a-7 

74-74 

7|»-7i» 

7A-7* 

104-18 

124-14 

15Se-164 

154-174 

164-184 

174-194 


!>D(1 1 -nt ad dacositt: enn memth 12^-13<i per cunt; three months 13-13^ par canC she months ISVIS'a per oenc om year 13V131t par cant. 

ECU I nked dspDwls: one month 12V12’‘« par com: three months 121.-13 per cant: arx months 13>s-13>. par eenc one year 1^1^ par cent. 

Aslan S (cloaing rates in SmTiapore): one morvth per cent: three menthe ISVIsr. per cent; six wwwd w 16V1A ■par cent: one year 16^-16*s per cent. 

Lovi-iurm EiiiodoUer tw>o yiisn 15^-16>. per cent: diree years 15^-16>« per cent: four years par cent five yaara 1^18>a par cant: nomlnsf ckeiflg rates. 

.SHnn-irrm r:l:-s j'O coli for U.S. doHars. CanaciiBn doNara and Japanese yen; ethers two days' ntrtica. 

The f rllnwing rate; wnro quoted for London dollar certificates of depesic ona month 1S.10-1S20 per c«in Arte monAa ISAS-ISA par canC alx nontha 1S.7D- 
*,580 oor cent: ono year 16.65-16.75 por canL 


MONEY MARKETS 


EUROCURRENCIES 


Further cut in dealing rates $ rates firm 


VK clesring bank base leading 
rate 13) per cent (since June 8) 

iDtcrost rates maintained their 
rcccnl downward trend in the 
London raonc.v market yesterday, 
vnth three-monih mterbaok 
moacy falling to 121-12] per cent 
fmm per cenL Bank of 

En.vdaDd bill dcaliog rales were 
cut ODGC again, and expectatinns 
r.f a redUL'iion in cleanng bank 
base rates were reinforced by 
the reluctance of tiie discount 
houses to part with their high 
yielding paper. This resulted in 
total a.ssistanee to the market 
ef over £100tn less than the 
eOlnal forecast, with most of the 
help provided by way of re- 
purchafc agreements. In the 
mnming the Bank of England 
t'nrrcasi a .shortage of £450ra. 
but this was reriserl to £SS0m 
2 l nnon. and tn £600m in the 
ofternnon. Tni.i1 assistance was 
A-iT6m, with £350m given after 
lunch, mainly through purchases 
e{ iCWm nf hills for resale to 

the market nu July 1-i, at 121- 
12 per cenL 

KIONEY RATES 

NEW YORK 

Primo rata 164 

rc.1 iunds (lunch'limel 14VtS^ 

Treasury bills (l3-wwk) 12.63 

Trcasuiy bills (26«wcok) 12.90 

-’.r.;':A.NY 

L'mbird 920 

c.-.ml*..'-; r 2 lc S.0S 

Onii rnan:h 9275 

Three monitis 928S 

Six months 9275 

FRANCE 

IntcrvomioR rsu 14.75 

Ovomighr m:b 1B.12S 

Ona monih 14.625 

Tlirca mnnilis 14.629 

Sk memos 1226ZS 

JAPAN 

riscomt ret" 5.S 

C.iil (unrofi<1i'irn?l) 7.09375 

5.11 discount {tilroe-month)..,- 7.281S 


Further outright purchases of 
£67m were by way of £Sm Treas- 
uo’ bills in band 1 (up to 14 
days maturity) at 12| per cent; 
£5in bank bills in band 1 at 12H 
per cent; Elm Treasurj’ bills in 
band 2 (15-33 days) at 12xV per 
cent; £44m bank bills in baud 
2 at 12iV per cent: and £10m 
bank bills In hand 3 (34-63 days) 
at 12] per cent 

Tile downward trend in rates 
was encouraged earlier in the 
day as the authorities reduced 
bill dealing rates by 'ft per cent 
when buying £91m. bank bills in 
band 2 at 12^-12} per cent and 
£35m bank bills In band 3 at 12i 
per cent 

Major factors Influencing the 
market yesterday were: bills 
maturing in nfiicial hands and a 
net market take-up of Treasury 
hills — £3T0m, and a rise in the 
note circulatjnn— £60m. partly 
nfTset hy Exchequer transactions 
+£S0m. 

In Frankfort the Bundesbank 
said that it w'ill add liquidity 
to the domestic money market 


by way of a 28-day securities 
repurchase agreement at a fixed 
rate of S.9 per cent. Bids for the 
funds will be made today, and 
no upper limit has been set on 
the amonnL Call money has been 
steady at around 9.05 per cent 
for most of this week, after 
touching 9.15 per cent early 
Monday following the unwinding 
of a DM 6.1bn 2May repurchase 
agreement Since then the 
authorities have added some 
liquidit# by currency swaps as 
conditions have remained ti^t 
Ib Paris call money fell to 
151 P9T cent from 15] per cent, 
following the cuts of ] per cent 
to 14| per cent in the Bank of 
France money maricet inter- 
vention rate on Tuesday. Call 
money has been reduced eight 
times since the devaluation of 
the French franc in the middle 
of June. It is now at the lowest 
level since March 17, as the 
central bank has taken advan- 
tage of the relative stability of 
the franc within the European 
Monetary System in recent 
weeks. 


Eurodoflar interest rates 
reversed the easier trend seen 
so far this w*eek, rising in early 
European trading as tbe market 
remained nervous about the 
future trend in U.S. interest 
raites. Fears of a sharp rise in 
U.S. Ml money supply around 
the middle of tbe month con- 
tinued to undermine market 
confidence, and pushed up the 
dollar to further peaks on the 
foreign exchanges. 

The firming of Eurodollar rates 
was not reflected in movements 
of other Eurocurrencies, which 
generally had a slightly easier 
trend. This led to an improve- 
ment of most major units agaizist 
the dollar iu forward trading. 

Eurosterling rates had a softer 
tone, following the recent fall in 
domestic London rates. 

Stronger currencies, such as 
the D-mark. Swiss franc and 
Japanese yen were little changed, 
widening the forward premiums 
of these units against the dollar. 

On the other hand the Euro- 
currency rates supporting tiie 
French franc, lira and Belgian 
franc were slightly, lotver. 


LONDON MONEY RATES 


July? 

1983 


Ovemightm.... 
S daysnoSic«M.| 
Tdaysgr,,,....., 
7 fioys notiee,..' 
On« mgnkh.»M. 
Two months.... 
Three monAu. 


Sterlinq 


Local 

LmoI Auth-I 

Finance 


Dieeount 


Eligible 

Fine 

Certifloale 

Interbank 

Authority 

negotiable 

House 

taipany 

Market 

TreMury 

Bank 

Trade 

ef deposit 


depeWts 

bende 

Deposlti 

Dopeitts 

Dapesite 

Bills 9 

Bills 9 

Bills 9 


124-16 

lS5p-lSS( 

— • 



184-197S 184-13 

_ 



- 

— 

184-134 

— 

— 

— 


— 

— 

— 


184-194 

lSis-184 


_ 

184 

194-184 

_ 

_ 

- 

124-184 

lB 412 iq 

124 

134-13 

184 

184 

124 

19A-194 

19,L 

134 

ISri-ia,';; 

124-194 


134-13 

134 

134 

18 

L94-19A; 184 

13 

124-184 

184 134 

124 

134-13 


134 

19 

18^191^ 

184 

124 

124-1S4 

124-124 

124 

124-184 

184 

— 



IIS-IS 

ilii 

124 184 

194 18hl 

— 

13-184 

1244 



— 

— 


124 124 

12ii-lgl6 

127g 

134 

13-184 

laH 


— 


- 

— 


Nino montos... 

One year ....>.. 

Two years. 

Leesi fluAerkies end ne«Me houses e^ran daim’ nettes, eAen usvm days fixed. Leng-tsnn locsi avthonty cnertme 
ratas, nominaHy three years I3*z per COM: lour yean 13^ par cent; five yms 13't pOr cent OBank bt'H raise ni table 
ere buying rotes lor pnnie paper. Buying rexes for feur-men-A benk bids 12>a per cent: four mondiq nude btlls 1 ^« per 
cent. 

Appro«>maie aeUmq rate tor one mouth Tthsuiy blHs 12*n-1?v per cent: two months 12'i-12) per cent: three 
moaths 12>i;-T2>u per cent. ApproxHnMe sellinq rate for one mench bank bdls 12*» per cent: two months 12>i per cent 
and ihreo monUis I2 -iz>m pv cenc one month vadi bills \2*m par cent: two months I2b per cem: three months 124 per 
cent 

Finance Houses Base Rates (pubhshed by the ^rrancs Houses Assoaeiian) 13*a oer cent from July 1 1982. London 
and Seetbsh Clearing Bank Ratas for lenoing 1Z4 per ceni, London Clearing Bank Deposit Rates for sums ai seven 
days' noticd per enni Treesuiy Bills: Average tender rates et discount 1Z23I3 per con. Cemneates of Tax Deposit 
(Ssrjsa 5| (3fi por cent from June 30. Deposits withdrawn (or cash 11 per cent. 


Financial Tim® Thursday July 8 1^52 

FT UNIT TRUST INFORMATION SERVICE 


Abbqr UnS m. Hbvs. (a) 
14SI FniTiGtiMigate EC4P4I8C 


(aasbtm 


BipIMBnalh 


VEVIdt 

UK6rei*th 
4ec.UiiiiS.. 

Vtemr 

lH.TsL - ^ 

Hray vita Unit t; 

45. CenMUendM EC3V 3PB. 

AHRGte Trust ........RU «3| -Og 1256 

ATicd HuBtae Vk (■) (g) 

Bnbre H 



AUTHORISED TRUSTS 

cn»rt wit mMjyi. % 


BUgtfUd ^ 




Oteilnglsn Urit Tfwst Mwgt. W. 
fiUBFir. n..«bJNM lUMc-DewHiTnAIE. 0803862Zn 





nsoettoinnr Untt Feite Managtn 

St.,^ INU. 

«*.hc.Jul»2-.-|2W4 2B7JI 4Ji 
BwAv IWt 7>rat MMogsri Ltd. 

58, PSK MIL LhPM. SWl SJH. 

*i6iwtii — r 



EpdtyDb... 


OltSeOMN 
HC w 

llteritellHS 

IMtacliM ASM( W'W!'*** **^^ 

GMAouk Rd JURttaty-, OMStal 



01-4MZ122 - 


L(oAB3aB_. 

Ueyds Bk. UtiRTAJ^ Ltd. (m) . 


01406 IIM 


4*, O l iiu i uihur r Square. WClA2lta 


Eqd^ A Uw Up. Tt-. 
AmrntemRd,HiA‘“^ ^ 

SggSfeSfc 

Kldwrlae.T^Me..|| 


21 ;d iS 

M. (a) (b) ( e). 

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63,UadMHWtEC8R7Dq ~ 03-6383200 
MmmU.^_JM C9S ....J 355 SpesUI Site... 

mPteBMl fi rU»t Unit Trust MhigL Ltd- _ 

Aib elhuiit StearMta Ud. (a»e) 

3r.taeHSUtandWLEC4fll8y.’ 01-2365881 


UavdH Life Unk TsL MRgrs. Ltd. 





jj:|A«rieallKj.-: 


AnirnCBj 

N.C.SMllsrG 

ROWM UnK Ttosk HbiA (■) 
0»6steHte..FliAimSB,EC^ 
fiwtrian.* 

SqpirWKJ 
HMlVMdi . 

Rpfc:::.-::! 

Rri HA Ftaee, Uwreeejta*3t« 05Wf 4«2 

RoyBl Li w d firt UnR Trt M#f» 

VMikietm ttaveoletouw. as« 0 »^H 
Caeiai*6anTrv)i-|98.9 *3-4 . -J eAQ 

Raate Tit. Cee- PI Mw*- LM. 

Mcnee Jbm 30. Hwt deeBns •» Aw »■ 

Save A Prosper C ttete _ 

4, OicBt St. IMm, Lenten EOF 3CF 

hitaeteletel Nete„. _ . , 

Cteitai ^9 «-! 





to 



^te Mi.Unk sC-^ 

FarEaPeni..^~— 


iMTm 

317,HlghHebinLWClV 
Archway RwL__ [UOA -i ■ 

Price Mtf iTiSa tex dvJnb 8. 

JVRVnMn 

miniieiir Oilin . MwiriirUrT 0614342332. ckaMs-fai Cewrt* 
tefcwrigteHJi^6.J3m. ..1^ .....J 473 Ktagtesr. WCg 


_ lev.TIte. 

"canpi-c- 
(Acoan. Ihks).. 

Ui diCLre reel 

Robert Pitasr Trait MfL Ud. 

aabAtoiiBrfea.W.L, Mgnw'.i-ay i 

OabtfiHerUcTte 166.7 70AI _4 6J» (A ^UnklL 1 

MteMs Pvm. Itoit Miragtes (a)WW 

FlateaiEtetOsHciaB,^^^ 

SSSirJi^:l3& iSHaati 


(^le. 
rAccumJUiiittL^ 

T CUHiPilNM ••• 

n. Unlt|)n leewren 



OM0S430O 


On. On & f»L 111. Ik| 47.« 
DD.6b.FKHictelO 


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MI.BaHdFU......M..|6L2 



65.71 -f-OB 223 




ScaARi Secarttka 

Scethus.. 

SGobwld. 



Bteiiig BtvUiers A Co. Ud. 

tniteqiwm.mri'ir 

S!^—m 18: 

NtM Pb. dl* Ja U(br 121 

WtepigAK Piegrasiiee Mi^. Go. 

suck Exdieiee. LomtevECa H13. 01-5886280 

s^agCjSKi 

B^wieliiLJArb.. 

Aeon. Jnlrh 
BcdenCHlaa 
NbI Mv 

BrMge raid Mawagers' (alCcl 
lbebNM,iaiq|Wn>aiiiSL.EC4 01-6234951 



5. T. UoR Minsgsrf Ltd. 
lA PbaburyCIrate ^M7DJ. 

gJjgqpJiam 
*^T.Ira.F#j!liL 

_ , 

Sxint’l-Fundj^.. 

6. T. Etnpsen Aind..| 


6. « A-TM ta) 4l> 

5toyWA>las46ieiihMed (0277)227300 

1474 504-011 5J6 

Rsi lw eii FM Mimgsrt (eKg> 

2SLMvyAn,E(3AW 066236114 

IkwMg «iiy: Ol-ttV 
AwitneTrt. 

AnWraHanTriBt 
BrHWi1te(Au 
BrnWlTtelpM 
CoeneodityS 
EkUb leone 
wOotTnA 
GikTnEt 


MtewUfc Menigtei*** Ltd. 

SI.Ofergi'SWMSInmpt. 

gSSttS— gJ m -z:i 

Mniiowir Mtengemiiit Ce. Ud- 

l*3aCi*itemSueW7AU. 014 

MeAnlly Fkfod Mh— gwieiit tM 

tag^TlOMWMiamSi;£M. 01-6294731 

- jta ^ M 


Seetshirei...-- 

Setoeder Unit Trait Mnwet n Ud. 
14,JteicsSL,WC2 

Cnpital...,...M.~..~.U66-l IQl-WI -9-4 

( Acotel jaS........ 

UnlB)..i..~.'.. 

CO.*S 

UntedwZ.: 

jsnnTtraiSiil!!!^^; 

TehiOi.. 

SSSSsa?----: 

laecteL Unte} 

AlBliaBiiL..._f.-.~.‘. 






of (aKcKg) 


InaancFunl 

M-T^nSa. 





.. inc.Tst.li 

FM Acc,~~--~ 

GtaiFand' 

Mmaa Unit TAist Itngrs lid 
iirs Ltd. 

016004S59 


-oa — 



ScoHMi Atelotole Inv. Mngn. Ltd. 

ISOStVhwmSLCItem. 
E«dl*TnUAMn..iiUO 120.41 -OR &46 
SeoKWi EqMtaUi Amd Mgrs. Ltd. 

8S8L Andrew Se.Edh9uigb 031-SS691U 

Scottish WUewi’ Fkwd HImfMmrt: 
P.afieaWlCMinbeHUSBU 01^6000 
Feei«isTlLJuiy6».p47 IflLo .....J — 
SIMCD Money Ftaidt 

46. Canron street, EC4M6AE 0M36^ 

»mnrt UnK Ttt. Msneg iw Ud.U) 
4S,CltekitieSq..Eilkteinpi. 031-2263271 


mdM Bank Snwp 
Unit Tnst Wsmiri tid. 


tJntrian Fund._ 

AccwTuiitts .... 

WKMrlwal UiMt 


Cevett (John) 

77 Union VM.EC2 


UMt ira« liiinraaii «te •Br«lihCaBlttl..._.J 

S!!SS3ftm ¥Sft74279B« 


015089620 




M* 



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taeial 

OaAcci...... - — - 

Bty&ficn.. 

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ail 



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114 

45 

15 






d^jilF 


DA tTuM. A Fh. *MM. ***tai. 4 linr. 

Sun Attmc* Fund Mattefemcnt Ltd., 
SaFA IS anw Hae., Iletdtee. 010364141 

JS 

Swiss Uft Pen. Tit Mbn. Go. LhL(i)(c) 
tel2(3wra^ UnSMi^6^ 0I-2K 

FlMdlnLAcct. - . .... 

■Prices qa My 778^ dnilia An 4. 
IPteei m Jite L Rest dcatfng Juv 7. 

Thrill Tst Mnv*. Ud. ta) <g) 

XL6i iJ ti i wSL.m OeaRngsrOeWSeSL 





Mtastar Ptand U ta ni e sr i Ud. 

Idreter Hw, Arthur St, EC4R 9BH 0MZ3 1060 

aS5J&k=ffiti ■ 

MU IMI Tfiiil MngmL Ltd. 

OU Qteen Street SWA9JG. 

WUUnlB..,, .nmj 106.91 

Mrar Johniloite U.T. MgnL (i) 

16Sk Hope Street einsni. 82 2UH. 041r221 5Sa 
g^ AwetbteTJIg J S4I — I V 


IfiiqatiteiitTnet . 

I. tataStfiiMie«....| 



MoM Untt -Ttail Man a gtn (aM) 

Breed St tote IMteWSl., era 016MU^ 


flBHniiil Pratridenl In*. Hngis. Ltd. 

48, SreeadaechSt. BC3P3HH. 016234300 
NPl6Ui.Uii.T«t — liSJ. .743 .....J 5JD 

13:83 IS 



iMcam i-i— I— 

Erere InceiBe 
PrefereeceSkare..... 

Trades Unioa Untt Traat Wana g s r s 

m Woad Street E44. 016288011 

TUUTJulyl.~~~~.l65J 6M { &37 

TranseWanlfc and Sen. Sees, (e) (y> ' 

91-Wl Mew Lendwi I^Ow l aa f wd. 084$^1 


Trnst aiHBrs. UL 

P.BW5U22 

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BncltBTirter 
TieSttk 

Badrtnai FdJiily.— 
AcaaiUii<BMyi:~, 

SS£^affife'! 

96 ri ip» St. Peuers Bar Herte 
^eenOte. 11)4» 

Da6en.AeBan, 

Oa iBCDBie DIsL 


6ih&Fire.T«. 

Caucan FUnd Mnigeri lid. ~(z) 
1. 0» BalcWqr. Wuihle y,KA90ll8. 019028876 

gSSS&?^.I^!!b|SS 

Capel (Jbbms) MjigL U± . 
lOqOldBnadSUCCSNlBa 035886010 

tapBl- m£9 IMJI -^L: 

North ~ 

Carr, Sabng Untt Ttait Ibtamta) 

S7(61t Princess St, aitedwter 061236S68S 

Gent Bd. of Fin. of CtaRh ef e-«g«T-4tt 

77 Lenten MULEC2N 105. (05881615 

InK FwteMarSl. 

CharliiBO Chatties N/R FbnttM 

15, M ew aHi. taateiLEC2. 016384U1 

^ |r:i 

Charities OffleW Unest. FUn^ 
77Lsndte«WlBailDB. (H5881B15 

&isa=:i m 

C M e nei n Tnst MiMgcn Ud (a) (g) 



lUpUWBWfe CMCVeeUw 

Enwina Ms 


grewtii iBu.— , 

tepamTEItea^l 
Nai U iAM.fti lii. TsU 
Pomdto I wr. H 
rTnat 
CoBipi 

^ail Maagen Lid. (al (g) 
MManOatet OorMigJtenf. .0306887766 


IISMBsn Scn rk ai Ud- 
«GirSLHtbtelandanEC3P» (05510094- 
Brewta(alLft'.taa.J483 .SIL4d|-UI 441 

MR SanMl itaR TsL Mgrtet (a) 

46Beqte9uEC2P2tJ( . .OlMSmi 




Meitligata tiatt Treat MaiWBiri Ud.'<eXy) 

3D,MaecsMc.EC2R6AQ 016064477 

m-i 

Nerwleb Unioa Insunara Grew (b> 
P4.Bua4llor«idL3R13N6. 0U3~ 
ttaptitlM — |5BU SU 4(Lq 

Pearl Trust Mw i a g m Ltd. (aKgXz) 
aSOWteHolbernWClVSEB. 01409044X. 





HK IMt Tnut Maiagtn Ud. (aJ ' 
3Frcder«drSPl.,0HJewfy.6C2 015884131 

HKAiwertceqTB._; 

NKgctn neamTsL. 

HKEvEMiaftL^ 

HKCMnn.&^ 

KK laeam Tsl_L_ 

HK Merest Leaden. 


Inmalaant Bank.nf Irahnil tal 

l i aeM wau t MaMgence lid. -(a) ' 

U3 Worship St, EC2A2A8. ULMBUOA 

tatowr,.'bdiFii.i 

had 

iCet 


PeScan Untts Adnlh: Ud. (gRx) 

37:63, PitaiewSUManetisner.. 061-2365683 
PMkan Uita (134.4 M«A| +04| 4J0 

P u p alua i Unit Trust MngmL (a) (a) 

48, Hart SuHeitey Ml names 049126668 

Gnwth 



iffirMnSTReCeKry 

Pteettad lirrasL Ce. Ud. (yfl^ 
4^6taeimtaqJteWaA2IIA QU238595 

F b e ttno M Life Inv. Co. Ltd. 
22t0faliopissl«,EC2. 


:irntmsmtb 

’UeaiteHia OshOteoHi 
TSa Untt Trorts (b) (c> (y) 

FO Bex 3. Keem Kse. Answer, Hmis. SpIO 1P6. 


Cbonbrten Aad Maiagsw^) 

IT (i*\ runrnTT H . Mwlu [iii 06ia656B5 


Caafedeiutan Piinib IlgL LhL (a) 
SOlCiBnxryLanqVWSAlKE. 015420282 
Growth Prod |7 b 3 826] I 4jg 

CiaigiiioiiM UMt TsL Ud. 

Buddersbwy. tanden SC4N 88a (05484964 

Klghhconie “*■ 

NarthAnrrlc»«_ 

Carodtei Eumpt* 

CanidMnTtite- 

S5RS5 ^ 





UMar lank (a) 
WWteg street BedM. 
(hXihwr Growth (44.4 


OB2S9231 
4771 1 429 


Pndk PertfUa Mngrs. LbL (a) Oil (cl 

„ ^ iU»ereton,eaN 2 NH. 014(B«K Ontt Ttask taawt ^INgaL Ud. 

Key FM Hmagm Ud. {B}(g) _ pi tony , nr iit ..j 4.B iisibHstiOngWBttaasiecsReaaMBSAesi 

lAWMto^.EC2AJ^ ___ . 01M6^' -WW) RttrsRstFM...JS34 SU^^lAt M 

WHiiP MainBin i uil Co. Ud. r n . . 

BrediM Sheet EC2 .016004177'- teWTES 



KMomrl Oiniaa Untt M M ia gir i 

2aFcncbBRliSL,6C3 01623 


374 


1382 


•HbeMy drwiiig Mr Witahy. 




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and 


ifaaM d rsi R M ii d .S wMLw-preihi reto-ie U5. 
doRan. YMds%Cd»iinitaiBtEehnn)altowterail 
biqdne'camHS. » (Wired prim Mode all 
eaHses.TTBdBir^prtGB.6 'AsM taied an effer 

rffcASfTf 

preatun. I rea r an e e ptans, q Sbipe .prendwt 
inwramt. a onerad price tnefudre aO emows 
MiptiserfscBwai lw eihr (Wn^ price inehidea 

-P ■St"-!-- “ mri ti-rnigti imaniiin T Pretow 

46 Mr avallible (o ctarlttblt bedlo. 


ti 




























































































Financial l^es Tiuir^y July 8 1982 

INSURANCES 






INSURANCE & OVERSEAS MANAGED FUNDS 


Uta tev. Ca. af PiaMjftwali Norwich Ilito InBraiica fin 

&SSi.“ 3 !S 


IMUbJtawH^ 

^ ^ EC3A 4HX «0M» <aS 


aaaazs 

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« XThnadncdteSl,EC2. ' OUN'lSU 
^ evh/MUtMi — P74 Ka^ui U& 

^ 'E4BHr:4 Law Ub Abl Sac. tM.. 

, 


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Haaow M-rf—i Inoraocc Co. LW. 

3& Cmby Rd.. M. Waarloo, 1.>»1 0Sl-4a60S5 

Pn. Pr. JmJO {U&7 12Lfl| | — 

PtaMNa Satings Ufom 

6AEMMSM.IMWI 04(850255 

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IT ffnoTliflirft 1 rt(n f nn Tnv tOMlllM tenjoftfCwi. 

--3 - «.9hPiiwtoi4^| MM 1—1 - pfeSSfi,^ 

«o«mJ 2*T90raf up* 

Praoerty Growth tear. Co. Ltd. £s^*a- 

Laodoa iMtm b Wha. MM. Aa». Lid. Igggg- '■_ ^I ^ 


BattorfMd Mnagwnoiil Bo. Ud. 

P.O. Bos 19S. HawIMo^ Bcffoudo. 


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laadM ladMBBib * bd. iH. Ca. Ltd 
382a The OMBKhadao 5PS11. 

toadaa Ub Udwd ta«. Ud. SSSSuSS^ 

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MH<ohSt.PottmBiir.Herts. P.Bv 51122 

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la St GeorQK St. OoiMlss, luM 062425015 

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Dbl(AecwoTZZZsa. — — • T-— 


Save A Prasper InterniUonal 

SI Heller. Janey 

S£JS^^^49 »L07 

DUr. FW. KS I4Z>4 

SL Flwd'**‘«— .D@ 1^ 

Ytn8md*n— — IX»9 UM 

Fiind~...|b.4 

MHOBWBBF BjQtaX 

i 

gfoewM*^ H57i 257.7 


f rssiiSj^ 


^!i^0Jlt| S57 

z lz:j^ 


•*>rjyi«^ (weekly dMngs). Oeily deeUigi 

Sehrodv MngL S ervle B Uerscy) LM. 
PX. Bn 195, SLHcHer, Jersey. 053427561 

J. Henry Schrader WOgg A Co. LH. 

12a ChevHde, ECa __ 01-5S8400Q. 

An, In. TsL Jw 
AstanPiJtiirSa 


.91 99 

S193J2 


Schrader Unit Tmst Mgrs. InL li d, 

Bm 273 Si Peter Pori, Guemey. 048128750 

Ml 



Equto Ltfe Fd.-. 
rewintllfeFd 

^^£?ay 



Da.(Acain>, 


® z r: i? 


Td::: 


E E: m 

Ob. (A tnw.)-— . zI Bm — ._.. — „ 

jvvBtancCntTnl — &30 

Australia i^.-..—pE!n — ..... — 

iMgsId Jnseph A Sbk ffiimniiai'l 
Hiial CL, Si Peter Peri. Coemsey. 0481-26648. 

LJ. Sterling PuW-_|a5J2 15J3| | — 

LJASCunneytad . 

TebbK Itaneer to tatec grha. 

Kiehwert Benran Gnnp 

2D.tadmchSl..EC3. 024230000 

CneriBeyta— .M74 962 _.J SSI 

n.. Trff 1^ «I 

UB. EinolnndFil □2i7 fiLn 622 

K.B. Far East (GisyJ KL7* Ig 

IC2G8LFuV_Z-. EUbl. 9.9! 1292 

UB. lie MM IK.: 5802 8 pJB 

K.B.IW.MFiAcc. ^J& Sg 

K.8. loU. Find SUM 

K.B. Japan FiM.— SnAT OM 

ILasterLABetRL. acS UJB — 

K.&USu6i*lh.Fi- ^9 jS 9 hub Z» 

?is± 3 %= if ^ 

Koroa inbrnBtiomd Tmt 
Fhnd Ma.: Kwen InvesL Trast Co Ud. 
cV YM«s da Curia Ui iOog WBliani Stircl 
Lon*ivEC4. 0162324M 

. HAY woa 6S19J8. lOR Mue US5B769.9S. 

The Kara Trust 

BacliM iiiveslinent Trust Ca.LM. 

WIB. YeidUtantt YwagtongaD-ICiv Seeii Nam 
NAV July 3 (wen 1X348) (U5S15J1) 

Lsard BrPthers A Cn. (Jersey) LM. 
PJ).Borl08,Sl.<felle',Jeney.C.I. 053437361 

Is.Biw.Im.Cv--^T 0.7(M J 100 

Lax. Bih. liR. jK..-lEwwmOB ...J 14g 
lac Bm: Ik Asseu^Pe _ 1^ 

Lac. Bm. lilt AsKt- 
LacBmlnlABet- 
fcax. Bros. Fw East-, 

Upyds Bank (CJ.) UfT Mprs. 
PJ).Bnl95,SlHeirifr,Jeitey. 053437561 
Upy*Ts.0toes...|7&4 OX | 231 

LJiymTraff^^Sj^^wi^-OJW 1325 

Upyds Bank IntemtioBal, Geneva 

PJ). Bn 432 1^ Ceoe ye 11 (Switzerland) 

Unyds Bank i nle t n etio iu i, Bncmray 
P.3 Bn 136, Cu e iiw e y, Charnel Htoto. 

AhaaderFBO; 1 SU47 | ....J — 

Nit atiet wluf Jbne 23 

Leah Oieybs CommodHy Fkmd 
c/u TntsiK, P.0. Bn 1092 Cayenn Islanh. 

Jidr 7. VUuatlon per onK 55,654.43 

HAG Groigr 

Tlm(hiwTB«ermilEC3R6BQ. 01>62645BB 
AKinticEx.dkdy6..-G^ 5JB| .-.J — 


Scitnieeur Kemp-Gea Mngmt, Jeney 
XCharIneCrasiSl Heller, Jersey. 05347374X 

Ml- 

StcurWas Selection Lid. 

BernuAHte- SI Peter Port, 6*ney. 048126268 
Ftasfoid I — sum -- .1 — 

Sentry Amumea InbnmUaisri UB> 

PA Bn 1776, HnlHM 5, Beraiioli. 
UmaedFoM I54J334 45467] — .J — 

S I pnl Ub Assmace Co. lid. 

ltasiKt(eMilhnMCiny,GtoBl|w. TeltK23B2 
GiwlliSMSialBFl..|C286 2M| J •» 

Sbger A Friedlaiider Ldu. Agents. 
2aCmnnSt,EC4 01-2489646 

¥gSTfcun=r& 05 

Sbateglc MebI Trust MngK. Ltd. 
3HaSUM.PBBtfiSi.IOM 06242391* 

SbetepfcMcMTrZnaOa 94U| ....J — 

StnnghnM BbnagenMnt UmHed 
PABnSlXa-Hriier.Jeney. 0534-71460 
CmnedllyTrusu— pajS 135JIB] ...J — 

Suilneect Uwsejr) UA 
AHaSwOwgisildeerMu 062429914 
CwperTmt 10120 lL79|40iS( - 

T5B Trust Funds (C.IJ 
10WlnrfSt,SlHeller,Jersfy(CI)> 053473494 
TSB CM FVd 1^1—059 KM J ]3.70 

?lgS£S^i| 

Takyp Facfflc HeUngs N.V. 

(Rita ManaijeneK Co. N.V, Cumae. 

NAV per share July 5. S7182 

Tokyo Paeifle HUgs. CSeeboerd) N.V. 
liSiDils Uainpemem Co. N.V, Cmcv. 

NAV pcr shwe Jidy 5. S24X 

TyiriiD Graup 

2Ncw$t,SLHelier,Jerscy. 0S343733U3 


0S343733U3 
a — I X94 


GoM Ex. July/— _. 
(Acam. Uoits)----- 
Kland— 

(Aeoen Uiri^C-.— 


htaimgement Jntemitianal LW. 
Bk.fllBcnRgdtBldg,Berinudi. BD9-29S-4D0D 

m i-iisbo 

Prieet m JtJy 3 Ned dealing Jriy 9. 

Midland Bank Tst Carp. (Jersey) Ud. 
2e-34,HniSL.SlHeller,Jersey. 053436781 

Mberah, OHs Res. Shn, Fd. Ine. 
FOBwl94,SlHelier,J(fSv 053427441 
MORESJidyl 15390 997] | 132 

Samuel Meubgu Ldn. Agenta 

U4,0ltfBiimlSL,EC2 0X5006464 

AElTtaJidy?-. 

J17J(nirFdJinill.^ir 791] .Z] — 

Mumy, Jobnslaa (Inv. Advber) 
J62HepeSt,GMsgai».C2. naum xxai 
HnprSiJiaBO 1 |4U8 I ...J - 

W I-^ = 

(bt Westndnshr Jersey Fd. Mgrs. Ltd. 
29ffi5Bi«ad Si, Si Helier, Jersey. (B347D041 

jmpnlB^Innyl Hiinil* K53 ‘ JLIa+Lfl| 3M 
■Sto ta eiety This. 

MegitSJL 

lOa BoHlesard Rcyal. LineMMOig 
NAVJu^S 15998 - I t - 

N.E.L InlernaGDiiil Ud. 

P.a Bn U9, Si Peter Port, Guemse)^ (Lf. 
Staivpvesit— J622 6 XS m-U — 

SierUin Rod liderza. 

SMIng Managed • 

InH. Fixed lotoMi 

Mnr.Mans9ed.... 

Rorthgale UnK Trt. Mngrs. (Jersey) 

P.O. Box 82 Si Heller, jersey- 053473741 

Pacifk:FdJ(ioe30..-|»J6 4.961 -- .J — 

Pacific Basin Fkuni 

30a Baultsanl RByaL LAxembDim. 

IVAV J S15J9 J-Oai - 

IM. Ahj M. a 3 l«L Mop, UintaH. 

PhnardK i ntenati onai 
P08w77.StPe»rPanGuerB. 048126741 

liner-OellEr Fune B.Q§ 32R — J — 

Far ^ Find 2^ — — 

Ind. Currency Find —Hn IJG — 
Oellar FV. lid. Fund.BZSl 3^-,, — 

Sier. Exfinpt SiR Fd. |U9 19R .Zj — 

Pravldan ce CapHnI Intarnrtlonal Ud. 

PO Bw 121 St Peter Port Guernsey 04n 26726/9 

UKSUckmarkM... J£3m 3 96M .— J — 
litt. Stackiiiafbel-.-.M9b 3v3 .Zj -• 
WerM TeelHiBlegy...mjD7 offl .Zi — 


(Acam. dares 
AnwrfcnJldr- 
(toauLsb 
nrEeaem 
(Accuoi 
JerseyF 

(N0IKl.< 
GniFd.jiih 
(Aceocu^nics) 


nterwaOnol 
Dd. 5— . 
tain eEata 


UKB^ 

InenstTFIbadM 

De.$ 

StoO^ Fixed liR— 

OdtoOepaiL 

Oe.S 

Stt^np Deposit 

CBmnadiiv " ^ 
hNPin 

0^ 

UlUtapageOnramnw 

Do. Siwnnnnwiina 

M. 6. Tyrrell A Co. (Jersey) Ltd. 

PA Bn 426|, SI Heller, Jersey, C.l. 
OitK_— I - SUMNH .....J — 

ISSl'rSiM'anfefiS:*^ 

tint w n I n v aih n a ii t G ei eBsdaft mbH 

16767, D TO^j^ an ^^ l6 ^ 

V.CJL Fkauidal Maagamairt Ud. 
42MexSlieelLMdeaWC2 014536B45 
PinAner.O'iPi |S34B — | J — 

VRnbrugli Rnd Mngmt Inti. Ltd. 
2B34HlflSiAHeller,Jersey. 0S34362B1 
btoMiCaenQiFdmfli llOil [ 214 

S. 6. Wbhurg A Co. Ud. 

30!,6reshMiSmetEC2. OX6004SS8 


048126741 


reebiulegy..-.u 

SttcbaA^E 


Fit East .-.nj 

UK Fixed Inleiest ZIS,' 
Inll. Fixed liR. gi 
Intf. Cwterirt:,.--.-.B3< 
IML r.toiieyOtolwt_Mi 
U.K. Moray Market-^' 

g^sSd^^izi 


Prkm M ihre Jo. Ntxi deellag Jdy 7. 


Vbfhurg Invest MbbL Jny. Ud. 
7UbraryPtace,SiHeta..to-_CI (B3437217 

TsLJMyl — — 

^ :i:4 1 j 5 

Wxrdhy Invostnent Services LU„ 

4lh Hear, HotcfifeM Heum. Hong Keng 

sag'issg^ra^^jsid IS 

World Wide Grawtti MeregunentA 

IDs, Bo ul e vii d ReM Lneadmug 
Mrldii& 6(h Fa SU17 l-PH - 
Im. taa M a& bK MngU lii,lM 

Wren Commodity Mmageawnt Ud. 
U.StGoige'sSl.OBugviaU 06242(05 

Wm Con. Fta |4G3 41U 690 

cawiwF—i jyp Tty vS6 

l^M ...... IJ2 

!Zj Z 

NOTES ' 

taa are bi eena Hdess eihentise InfitMcd and 
(bare di ll m aM d S with n prefix refer to U9. 
deltos. YMdi 96 (sheim IB last eeiim^ ellew for ad 
tagtag expenses, a Oitoed prices iicMr aO 
axpenwi a Todays prices, e YMd based an otor 
pricn d Estonia, a Todays openinB prta. 
h OisirihMIen Ine m UK taxes. pPertedie 
nremliMi bn u r v ee plain, s Single premhn 
Howaice. I onmd aria hnliides Ml rxeensv 
naptVMK*scompHBton.y Oflcnd price mehulK 
alexpci»tfhepitotbreiighinaragers,Z Preeom 
0|A pried, f G ue m sey wow. # Sopendrd. 
♦ Yield betore Jersey in. t Efe-nbStoiOR. 
O (My auaiiaMe to ebariuaie bediei. 





38 

Needroom 
to grow? 
Emigrate to 



0952 613131 


i« I 


BRITISH FUNDS 


suck 


Ptict 

I 


t-er YWi 
- U. I Rtf. 


“Shorts’* (Lives up to Five Years) 




I 




97^4 

989| 

Wt 

97U 

9(nt 

30U 

20» 

103% 

83% 


1^1 


Eiech.9i«Qcl^ 

excll.8%pcl9S3 

Excti.3pcl983 

TrHsunrUpcl9S3tt-| 
Tmswy9>4K’83 
Exeh.l3i^'83^_ 
EKii.iqpcl983-^ 

ExEh.12^1984^. 

rraasur)r32^1984. 
TreasunrlSpcl983. 

Exch. 12pc Cn*. '85 _ 

■ :1986— 

. :'86.„ 

iTicaLiai(ci?(QS^' 

(&«e(u24pcl9W 

tEicch.l3i4iK39e7.^. 
]Fundiiig6l^*8MTlt| 

Five to Fifteen Years 


+M 

9.33 


887 


315 


1209 


946 


79 3? 


1012 


5.77 

+% 

1144 


1974 


354 


1?71 


1441 


12.29 


994 


1136 


19 on 


1999 


360 


1?W 


9W 

-% 

1IS2 


1360 


1523 


7.76 


12.67 

1161 

1125 

32J4 

1165 

3Z2S 

1162 

865 

ZZM 

3Z75 

8M 

1186 

1366 

13.03 

916 

12.73 

12.96 

13J0 

8.74 

1363 

.1152 

3295 

1362 

1360 

1292 


tTmcwy 3pc 1987 _ 

Ttcas. 1^1987 

Treasury TWeseStt- 

Tranonrt^TS^ 

rreBDiyUl^l939_ 

Treaswy Sps '86-89,. 

rreasuni^l?9Qtt. 

0cdL 3^^1990.. 

rr«aiiynM'87J9W. 

rKagirylI^im.J 

FH)du«5%|K'S7-91K 

ExdLllDCl991 

rfeasiiryl2%pc'<^.. 

rica&iryl0pel<m- 

Exch. 12<4|K'92 , 

Exchequer 131^ *92. J 


47% 42% 

8«t 

99% “ 
106% 

76% 

114% 

102 % 


Tceasny 14%iie '94tt-i 
Exchequer 13I0 k! 99^ 
ExdLl2>^lW..-l 
rre3Sury9kK'94tt... 

Treasury 22pc *95 

Gb3pc '90/95 

ExcIi. 10>4PC1995-.. 
Treasury 12%pc ‘Kfit-l 

Treas.l4pc% I) 

Treasury w *92 
Treaswy 15%f)C 
Exchequer 13%pc 
MeRpUen^l* . 
ifTre^l^C^^ 


75% 

96% 

82%al 

76.% 

95'4id 

88%hI 

67% 

86 % 

93%U 

84>2 

95% 

101 

92%:d 

64 


88!; 


79%U 

S' 

97%U 


-% 


lExdieqiier 1' 

Over Fifteen Years 


3.96 
1270 
9.% 

430 
1216 
718 

1364 

1365 
1060 
1321 

•nuU 1210 


13.00 

1365 

1268 

3361 

13.92 

1364 

966 

33.90 

2469 

1394 

1363 

1203 

13.47 

667 

1261 

1367 

33.94 

3222 

1412 

1360 

664 

1367 

1291 


962 

13.46 

1267 

9.78 

13.94 

1122 

1367 

3401 

3241 

14.01 


13.90 

1368 

1364 

2460 

14.03 

13.8B 

3232 

13.92 
23.97 
1484 

13.93 
23.16 
13.86 
1160 
1357 
13.72 
13.93 
3120 


20>i 


10(8| 

97% 

106 

101 % 

104 


64 Treasn8/4Pcl997$f. 

94% ExdL 2^1997 

54l| Titcsn6%pC954B». 

99% Tf«as.l5i^'9S$t- 

78% Exdi. 1^1998. 

66 Treasan9l2PCl9990. 

81% Exeh.]2Wl999.... 
n% Tnasuiyl^cim.. 

82% Tr«as.i3^200a.-.. 

89 Tr«as.l4pc '98-01... 

I 76% Exch.l2pe *99-02 -. 
'85% Treas.l3%pc20C(H)3. 
178% Treasury 111^ '01-04 

33% Fw0inB3^ '99-04 
81% Tftasieyl^'OMIS 
Treaswyte%06tt. 

75% Treasury n%pc 0307. 

90 Treas. 13>^ ‘04-08. 

, 44% Tfeaavy^jpc'OO-lltt. 

ISSa, TttaanT^n^m. 

1 81% Extiwi:^ *13-17.. 

Undated 

Comals 4pe........_ 

WvLoanSiAtt.... 

Cm. Sljpc 'm^tl .. 
Treaaey^ttAft. 
Cfimolt2%ae_._... 
Treasury 


74% 

309% 

61% 

83 

96%Rt 

103% 

90^ 

100%U 

91% 

35%U 

96% 

67% 


4»L 

63fl 

95 


-% 

12 21 

-% 

lOfll 

-% 

U23 

-% 

1404 

-% 

1353 


UL49 

-%■ 

1540 

-% 

1287 

-% 

1341 

-% 

1379 

-% 

1525 

-% 

1360 

-% 

1503 


9.77 

-% 

1120 

-% 

19 9n 

-% 

-% 

RS 


1153 

-% 

i 2 .a 

-% 

1331 


13.91 

1366 

1060 

33.63 

1364 


1368 


13.90 

3263 

1385 

1561 

1367 

1365 


1365 

13.47 

13.70 

1357 

1357 

13.13 

1166 

1362 

1265 

1355 

1368 

1293 

1237 

1275 


Slitfd 


1274 


3% 


1131 

•raw 

3^ 


u.n 


23% 


1336 

a 

20% 


1264 


20% 


1235 

— 


IS 

Index-Linked & Variabfe Rate 

99% [Trm.VarUMe'83- 


95 

43 

90 


Do.:^I.L'88 

Do.2|kI,L'96...... 

00.29CI.L '06....... 

Do.Z>2pcl.L2011.. 


99?. 


1272 

206 

232 

238 

265 


1254 

283 

3.05 

281 

289 


INT. BANK AND O’SEAS 
GOVT. STERLING ISSUES 


200 

49 

9fl, 

in^l 

101 % 

99 


93% 

«7i* 

« 9’4 

91% 

100 

100 

100 

79«a 

98% 

94% 

26 

lODij 

90lj 

87% 

76 

22 >: 

97% 


42% 

67 

86 

161 

66 

41 

372 


66 

30% 

314 

1011 : 


92% 

931, 

90% 

97 

941, 

90% 


'mrU14i 

lia.Ban%! 


(Lrl9S6 

:*77.'82. 


Do. 14pcLnl9B7... 

Kn 161^2006 

iSveden&^19tt 


99ia 

-% 

2460 

99 


5.05 

90%d 


1177 

9h, 


1407 

96 

-1 

1821 

97%d 

-% 

1332 


CORPORATION LOANS 


8S 

89% 

87 

Sl% 

94% 

94% 

94% 

671, 

65 

S7U 

21 % 

951- 

?!!: 

S' 

asi 


|Balhn>40cl985... 
Birm'han 12>,pc 1985 . 
Swn/ey33pel9B7.. 
Car4Mfllscl986.... 

G.CC.12>m'83 

Dd.13%k19S4 , 

Glas^4%pe'80e2J 
Herts 6%K 1985-87. 
Leeds 13irpc 2006... 
Liverpool 9 I 4 PC '80^ . 
D. 31 ^ irred. ..... 
Left Coip. 13%pc *83 

Du. 9%pc '84-65 

LCC 51 ^ *82-84 

0061^ '&S7 

Do 6%pc *88-90 

Oo.Spc'SOAfi 

;Suni(T!aiMl 12%pc IW . 


1 93% 

+% 

11.90 


+% 

ti 

1232 

2338 

1230 


+% 

+% 

lu; 

1526 

937 

77%9d 

97%d 

+% 

+% 

030 

1457 

94% 

U54 

W 

+% 

1459 

1179 

90 

+% 

U37 

07% 


650 

76 


7.24 

68 


9.89 

22% 

+% 

1450 

97% 

+% 

1265 


147« 

1255 

13.98 

MJS 

19.03 

1427 


1362 


1367 

1260 


13.70 

1327 

ISJS 


1281 

1216 

3429 

1436 


COMMONWEALTH AND 
AFRICAN LOANS 


58 
, 32 

318 


Air.t.6pcl981-?3 .... 
|N.2 7%pel9S8-92.. 

Dc.7:,nc'6>86..... 
IS. Rhod. fcleK Nen-A'.i 
Do. 3>aK63-05 A»ld 
Do. Ai.'PC 87-43 Asstd. 
IZenbabuc Am (£100pa) 


LOANS 

Public Beard and Ind. 


92% 


651 

641^ 

-% 

1L23 

84%d 


889 

257 


_ 

65 


SJ8 

39M 


1164 

356 

— 

2086 


97% 

Auric. Ml. 5pc '59^ 

64 

780 


Mcl. Wtr. 3pe -3* 

30% 

U.23 

10^ 

U.S.MC.^7982.. 

306m 

049 

94 

Dd. urillwnt Warms. 

ICOid . . . 

930 


1218 

33J0 

1275 

1360 

3361 


1265 

13.98 

1251 

ii!bx 

18.00 

2U0 


129S 

12.79 


FT SHARE INFORMATION SERVICE 


Financial Times 'nmrsday July S 1982 
FOOD, G ROC ER! ES-^ont. 


LOANS— Continued 


1962 

HWt 


■u.1 


aiach 


Piki 

£ 


[+ ert TUd 

- U-l u. 


Financial 


100 % 

87 

ts* 

92 

93 

94 
65 

69% 


lOOij 

100 % 

101 

101 % 

101 

101%l 

102 


v% 

100 % 

100 


95% 

94 

80 

82% 

W 

78 

82 

54 

53 

62 

57,1 


99 

99% 

99% 

,99% 

100 


FnMpc'83 

mOtKWMIh'BK., 

Do. 6%pcDb. '81-m 
Oo. lOiaiic UrlUl w 
D o. Uic Uns.Lu. 'ra 
Sbl Uw I 65 .U ^ 
Do.12^Ur,1«.19w 
O o. 7%gcADeb. '89^ 

Do. 7%pcADebi fl-W 
Do.9pc‘A"91-94.. 
Oe.8^Ln.^2-97 

Building Societies 


99 

87 

9U 

87%)ri 

871N4 

94 

1 : 

69% 


+% 


13.93 

561 

764 

1360 

1262 

1341 

1360 

U.70 

11.74 

1264 

1347 


lUO.. 

99A 


|Nal'«idel4%iKU66Z 
Dd. 14%pc 25662 ■ 
Do. ISitfiC 29.962. 
Do. 16%pc 27.1062.. 
On 15%pe 241162- 
Da. 15%0C 13.1282.. 
Do. 16*^17.163. 
Do.Z5%pe7663.- 
D0.14%|iC 14363. 
De.l4%pe4483- 
|Do. 14%pc2S.46^-. 
04.13%pcH663- 


99% 

100 

100 % 

100 % 

IflIRa 

100 % 

un^ 

ISll; 


99% 

300% 

100 




null 


m 


HU 

i-K 

HH 

Irl'/ 

hh 

tft 

■ 1 

TSfiT 

B I 


■ 1 


■ 1 


H 1 

r-W^ 

M 1 

22 


1368 

1369 
1365 
1409 
3272 
3452 

3437 

3438 

3420 

3421 
3456 


15.70 

M66 

1360 
1365 

1361 
1248 
33J5 
3293 
1427 
14.44 
3441 
1369 


2982 
Nigh 1 


98 

16 

13 

12 

Id, 

44 

42 

38 

35 

202% 

67 

95% 

99% 

75% 

250 

77 

161 

93% 

«9 

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Banters N.y. $10 
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complete fuiones and woxk^iops ready to 
move into. 

You can call the tune cn a wide range of 
fsetodes available now. 

Bag; JoiajLei^iSfcetoieBdale 32123 


PeBnylaads, S^^ssendale, IiaimadinQ 
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OSANK 


Tbkyo Inti Dapt » Foiwsn ftiriniB Dipt. 



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255 175 irooohSMl.. 


8b 

279 

fS 

10 

SO 

450 

M9 

15 

390 

62ri 

S3 


frH 

'-10*170 
2L0 
6- 

jpl 

343 ^ , 

3£5 i-S 3«»lc| 

75 I isias^ 

a» 1-2 33 


66 >-5 bc^ la 


380 I ;vQ50c 


C.7 


29 


6.9 

7.0 

M3 

8.7 

3.7 

¥ 

io 

i 

si 

50 

'ol 


For Ueadna see South Africans 

Miscellaneous 


43 


20 |An9b4»mii«e». 

12 laamsUiasslOp 

130 27 ICofeyRes. Cerp.. 

292 173 :Cc.-3. Murc'i. &. 

8 i^4 ffEspteangScM- 
105 55 

255 160 tNcnli-ipita CSu m 
Va 3C9 'R.T1. 


fiariiKBO . ees^ttOiUxSBaiq £9$b 
a J U iMbw In^ 12 

44 [^ 3Ua 

500 \n0 )TaraExpla51_; 285 


22 

12 

44 

370 

4 

60 

163 



mam 


-b 

ass 

18 

epmei 

tasoc 

L9 

eAMiO 

mmm 

— 

eaeuee 

mm 

• 

■:r 

1^ 

23 

-1 

Q9b« 


•HI 




— 



ji 


-I 


NOTES 


TEAS 

India and Bangladesh 


low 

wp8r*p^5i 

243ri 


60 

A 

96 

|9nn 

'ik8Jtur • Jb*(I 

300 


4108 


48 

IWh 


385 


298 

19 

74 

1249 


275 

+5 

1885 


49 

97 


108 


84% 


!U 

1285 


285 



_ 

t 

P32 


223 

-2 

Us 

15 

88 


I 425 1380 [Liimivaa 


Sri Lanka 

1 385 I [338 I 0.91121 


MINES 

Central Rand 


DuibanDaepFO... 
EhstRandPraRlJ 
itandfent’A EsL -i^ 
SMsrAJiCfclBUe. 
West Rand Rl-„ 


541 

269 

£20b 

92 

7B 


-6 

-H 


1-5 


Eastern Rand 


Rnance, Land, etc. 


IK 

M|h Leu 


215 

226 

70 

97 

50b 

90 

•46 

£75 

225 

230 

145 

25b 

380 

28 

65 

32 

28 

U7 

18 

24 

20Z 

68 

56 

£78 

520 

90 

430 

460 

£15>2 

Q 41 I 

375 ' 
543 
12 
305 

,?S» 

KB 

260 

£13b 


U 

38 

57 

» 

W 

u 

ja 

050 

45 

17 

14 

95 

16 

36 

IMa 

50 

i 

lan 

^1 

,85 


Oltkep Hiriw_. 
AInjdSfflWm, 

Ari a it y Inn 20p. 
Bonwbmri...... 

BrriumaArrewJ 39b 
CeetreuwTnidlj 60 
fEMrayFbtlOp. 
HbUSkHGDO, 
EngNsfaAssoc 
Excoint lop 
;&LandslOp 
RK aiAHw 5p 
[Haiiriire Trust 
.Haqmnt^ 

Han oa. S $1. 

B l« Tu to £1| 
linuesunem Co 
KaklC:l(5^ .. 
KeUbekSo^ 

! Do Cam N.Sp 
lEhttblMlOp . 

'KMahu lOp..... 

lamMlOd^lOp 
.iMriOB (RV.5p. 

'Loa MerciHRL. 

DaOeid 

ATtaMoZBOMB, 
M.&G.Gtwm. 
[(H^ielBiOOp) 

MerentfieHoaeL 
llR.CmlftiI|L.) 
IMeiLTian.taL^. 
iMeacoFunl Inc. 
MMsGAIImSOo 
NMC. hivLl2!jp., 

IttmmCDNerj 

FarambPlCta... 

Fvfc Place Im. 
,Fejeson(S)6Saii , 
'SaLMaRgltaMJ 


U 


£^ £64 S.E.£4^Aim.. 
« ^ South BK» 

^ m roiivSAii 

87 74 iBiCea&;ee»5(h. 

S 26 Wrineck...... 




-3 


•i-2 


r'lnz^riW 

7A 

SA 941 
2^ 

,40 12.0 
IfUi 

3.4 134, 

3iU6i 
82 A 
d 13.01 
71 [57) 


QB%^- 
I3J) ‘ 
g4J 

115.6 
1444 


hS 


w 

18.25 

46.75 

Q48.0 

042.0 


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r2 


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80 huiecattoUlp 


IcWrlb^jnE 

441325; 
ojTij 


2M 


u 


29 


SnctenOOc.. 
Cons. MediriaftiSa 
East Dam RI 

ergorKso 

GrooMeiBSe.... 
Kinross gl 

Leslie 65C 

Mv'ievaleRaas. 
S.AManLiL3Sc.J 
VlalrfenMinTOc.. 
Mnfcenaak RL.. 
Wlt.Nigri2Sc 


64 

73 

4L 

213 

248ri 

365 

64 

66ri 

105 

TOri 

979 

38 


'8 

-27 

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-2 

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-5 


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Q75DC 

toiic 


tQ60c 


Q30e 

IffCOcj 


, 5-^ • 

'13J : 

3A19J 

mI”* 


Far West Rand 


3.5 

23 3U 

9.5 [67) 

9.4 A 
Le (&} 

la 

10 ? [6.9) 

14i (B5 

?-i52 

A117J 

022 

7.4 UL3 
bl BIA 

3.4 U3 
3C122 
34 A 

A 

65 91 
&9 


[359 

BimDx25e_, 

39SM 

-u 

Q190e 

A 

£Ub BuHelsRl 

£32b 

-b 

0540c 

A 

llilM 


108 

-8 




DoomfbnMn Rl . 

52M 


0200c 

A 



862ri 

-4S 


A 

ll^ 


140 

+1 

1 __ 


' 60 

Etsbm Rl ........ 

70 

-i 

M26c 

1C 

£16 

Hartebees) Rl .. 

06bri 

-b 



ilOb^QgefGeiilRl — 
875 iLrianorrRl 

£30^ 

6 IS 

Si 

A 

A 

ElDbiSnriir^ 90c ... 

£Ub 

-b 

(BSSsi IC 
Q90c A 

M 

S-ilfunieinSOc ,_ 
',»• Reef*' 40c... 
Vewisowt Rl.— 

453 

20 

irnrH 

1 1 1 ^ Tb 1 * ■ril 

m 

-2 


34^ 

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r39l 

£3 

3Mb 

-2 

IQUOcI A 1 


1235 


145 


il35 

191 


Uidns nithinils* indhntML nrtoB w! bk AricEnA are m ftma eid 
denaprindofs m 2Sa 9rieriMrnff;:A rsVs and eaten 

lawd an tabri arcsal nports ai\i ismas a^ udsre POHfele, ore 
imdaled on tnIFyearlly ffguras. P/Es ere csieririsJ en “eef* 
d ttli lh ri iQ u besisL Munirgs per Pore bchg eaa jia e j a preat efler 
maUM and umelimcd ACT where asriimhie: fesdeetsd fipaes 
indi gie 10 per bbH or more Af^xnae if cica&ilai cn' **dI 7' 
cKUrifaiiUgB. Obv vi s an bovd or •raartsKPi” ristrlhsUsn; 
C B tH p w es BOBS. rivUetri costs (o pran. after tadioa csciariiig 
oeepilBari ptoRbflBSBes tad hwlnd'dg e:itaBted erieet 31 cflsetmida 
ACT. 14eids are based on BdAtte prices, se taess, alhsicd to ACT of 
30 per eem md iliow tar voIr of dericred disliihiitlan aid ririds. 
A Stodc 

" Highs Md Lows itSad lies bmhevuadfcaied to Blew tor riahls 
tancs fur ash. 

t iMsrln sInB InereaBd er resaued. 

4 IflSerim stnee r e d u ced, passed or dg f ened. 

4$ Ta»Ae* to iMMisld i nis eu aplkmlsn- 
A Hgwes er icpsrt anrited. 

A USM; not ttwed on Shek l3B±sase sud CGugmqr oet KhiBslcd to 
am degree of ragsdatisn as listed seenhies. 
n Deull hi ndar Rula 163;S). 

A Price at tiee of susenstaa 

f Indlcried dMdeed after peafag Brip aadftr r(ph!S issaei cover 
letates to prevh w dMdocri or feieasL 
A M erga hU or reorganlseitaa In progreeb 
A Not eainpniable. 

A Same imerliK radaced fbai andtar reduced eerntags Indteatea 
9 Foreasi dt iiM e nd. icw on aairiap roheed by tattsi beeciai 
statemenL 

7 C0vmaNow:f3rceeMisfQnafslHresns(newraridnpfardhldndB 
or ratddeg nidy for restricted diridend. 

f CmerdBHK:B!b«rtarslKresithtai.Raitabetanktardhrldenda 
a fyiue dap. No 7/E laito laoHy praiMed. 

0 No par vatae. 

A itaieappataUe.to on-Zhah^ween resfdems. 

44 VtaUhasid 03 aswsiplier.TtceetiryBSI Date says unriangediedll 
BKhvlty ri stoCLL a 7ls:iir:4.t) FbvesCsssdenpnspcciscroaar 
effetal asthnaha. e Ceais.d AiaNend ram grid oreMte'mpBtof 
capHiL CDvar basad on dhddand on iuS c^ctri, e odKqKloo yiM 
f Ttat yicH B .Mnscad dMdend md yleiiL b Ssam^ OvtdaiaS end 
:4eld after serA lane. JPejmem horn captsi sssuces. kReiiya. 
■ taterin Mg^ than orevleus tnlaL u Rpids tssne penlSna 
g Earnings hi^ on prgNoiinaryfigur^gtMrideiriecd yield cseb^j 
spedel pmeant t rasmd dhridenA cover relates to greetoos 
dMdead, r/E ratio tesed en blest aiaasl eatnlaia u rcreast 
dtaMend: ener based sc pravtaa year^ earrim « Salifcri tn lesal 
tax. s DItideed cover hi excess ce 100 thnes. y Divided end yMd 
based on n»UB tenna s SMdeta and yield {nriide a speeb! psMienb 
Cwerdommi apriy tomnsta: payeiM ANct dMdeiri and ylsM. 

8 Mferenarividend passed srdaiaTed. C Cagadbn. S MhibRsn 
tander price. F Ohddvnd aad yield Iwied an pr jsii c .aa er ndier 
oMctal esthoates tor 1933>84. 6 ABcned dMdend and jdeid after 
pcndhig ktA andtar riahis Mas. N BMdend and yteM besed on 
praspadis er other el.*laal e stimaa s for 1932. R Plgaas based en 
pf Bs n ectus or other oRldbl esURabs fx 198152. M Dividend end 
fWd based on mospectus w other offlelai estbsates fx 1983. 
N DfMdem and yfeld based en praoeeSB X ether oTleial esdaatet 
fxl9B283.P PlgiirHbasediMprQspectisxsdsrcinirialestbBles 
tar 1962. A Gtess. T Figares assaowd. 2 DMdead total to 
AbhreviHigiK ri ex riv ide nd ; • ex safp taw: s* ex tWta ■ ex 
all; ri ax opilri dtartarita. 


REGIONAL AND IRISH 
STOCKS 

The fDOewbigisaseleedgaofieriaielaatf Irish stocls, tbs Istisrbckn 

cpioted In irisg nv.’eeqr. 


. *lbaiviar. 2 Dp. 


tesK 



O.F.S. 


265 L50 
07b M2 
668 576 
141 73 

ElM£10b 
UMM4 
£36b»5 
430 317 


F5.6echild50c- 

HmmDivSOc..,— 

LaraineRl-.~>- 
Pres. Brairi 50c. 
Pres. StQfR 50c.. 

St Helena Rl 

• B— uUttlsel I 

550 to WelhemSOc ' 

USbRl^ W-Heldiii^SOc.. 




Q47bc 





-19 


mtm 

-9 



-k 




jii 

365 

-IZ 

W5c> 





-b 



: !i 

Peafce;c.H.>.«. 239 1 .. 

, peel HUB. in |.. 

SbeM-M^^ 79 [.. 
' SndNi(WbiJ 220 


Cerre!!(PJJ... 
Cenaete Piedfc . 
HetUoDOdgsl. 
Irish Rto ..... 
Jacob. 


. 7380-. 

— -I Unkfare. 


56 

57 

e 


y, 


I M2 


02 
30 

74 ;136 
32 26 

- iJOS 
79 '365 

171 j 47 

- 258 

xQ «i !S6 


OIL AND GAS 


15 L3 
U 48 
II 79 
A 36, 

r« 7.8' 
15 67 
a?4JI 
|19^U7 


324 

1§ 

£66 

220 

ZiB 


110.6 i w 


|I04 

SAriikciB,^ 

IM 

2 

i2S 

23f 

P 

FnvM'b Vm 

89 

2 

- 

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15 

tZhu utrfa,.9L 

6S 

X 1 - 

- 

130 

ZXA(h.,>!> In'. 

L7B 

5 



180 

38«fiir^,fcmir 

SrhiBi 

180 



_ 

138 

W 


LO 

IS 

ZIS 

Bni Soreei *8p 

420 

• 2 

02 

li 

155 

hf! .$11 

155 



. 

ttu 

3nr Peuoieur 

866 

-4 

2085 

M 

56 

S 

0e.8%R» iX 
BrBSWKSOHSl 

60iy 

9 

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55% 

t 

l8uiaHesii£Q85 

10 




106 

sarmabEl-... 

129 

-1 

85 

2i 

6a$6 

De8iyLJt41f9£ 

E62iil 


D8b% 

188 

MS 

KCP North Sea. 

217 


e— 


8U 

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215 

•TStrBtaPR.ZJD 

230 

-4 


_ 

to 

ACeodraRei. 

201 


— 

— 


7;36JI 
' iZ76 




9.ri 4i 


29 i 21 [AfexCoipaltfdLJ 
975 |AiiaAiiLCMl50c^ 
675 380 UiigioAiiier.lOcr 
£43b£25bMin.Affl Goldftl 
£23 |£I6 UiSinulSOc^ 
'0 |Chiner6)iB.2p.. 

Con. Gold FMita. 
17 Em-itandCoalOp 

Gencof 40c 

£38li tlOijlGtta^'elih'sAZSG. 
■j8< £20 mT-Ixu^ : 011 s. R2. 
a60 3Is IUHMIr'Vii2Sc.. 
40f i25P 'tmxru 5SDL40 

clO eSfc iNirA fVll 'iOc .... 

!PalirK.-du Rs5. 
Rsiic .'jfiomlSc 
Kav .01 <.ui50cj 
Tji. »>.n 50: ... 

Me pngs El 
bentnisi 10a — 

. ^hwiiiMne.- 2tm 
' '*2 ^sk-Ju PM.m., 
15 K raei.'Juis Ld.ftl.J 
[b C limsi Rl... 
60 lVoge(s2F«: 


Finance 
28 
£11 
410 


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<40 JB 




£26b 

Q7m 

19SM 

348 

18 

650 

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£23 

3Uri 

269 

146 

722 

65 

26 

15 

188 

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127 

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3.-.o.-Orl . 

A CiXi<i-. . 

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.• 3:.:3ter, 


OPTIONS 

3-moRth Cail Rates 

I ft 

Eli&Z 


15 lUtd.Orapery. 

2 C tVMsEn 

I & jlVeolwertbs. 


19 ;"L6f:" 

2e lLor.Urii3r.d: 

27 ‘Lax ices 
38 'AfK^' 


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• ; n i . ij;x (Be;. 

. »• .* V * 

a b-o Giu.au. 
224 GKw 
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4. : 

a ■!■ 

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Mis 

Sr '.FftileuriJ 26 
c; ,r..x';C:i. J 20 

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• j£ jt^aC.; a ILcnrSo [ 7 

.l»IUwto»r . — tSSjBioT.aaC.iZ^g 


and Pfatinum 



. £22% 

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163 

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£C 

165 

612nl 

9 0200c 

X 

174 

195 

......nOlQc 

2.9 


102 


1C 

J 

140 

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21 

17.1 


A lelesta el Opitaos iiadid is gtan on the 
London Stock E alBug e Report psee 


*aecent Issaes" aag “iKgao" Page 35 


TMb serriee is a»8e&b to odtry Ceepo? derit in ea Stoeit 

ExdBogcstf9CDgls3t9BUaKEd Ku^sa <eratBeef£ 6 Q 0 

per aniiSB Icr ocs:i senority 


S 

3 i 

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ibankleuniit«*^P’° 



Thursday July 8 1982 


Chemfoii 

M^rkboois 


-Utfvtteilli*6in-Z3[m 


FOUR-YEARLY CIVIL SERVICE WAGE REVIEW PLAN OPPOSED 


Unions attack 


BY PHILIP BAS5FTT, LABOUR CORRESPONDEKT 


CIVIL SERVICE unions reacted 
sha^ly yesterday to the publi- 
cation of the report of the 
committee set up by the 
Government to find a new 
system of pay detennination for 
Britain’s 5^,000 whitocollar 
civil servants. 

The committee, chaired by 
Sir John Megaw. broadly sup- 
ports the Government’s line of 
niakisg increases Jess "auto- 
matic.** It supports Treasury 
proposals to limit comparing 
civil service pay with that of 
outside jobs and to make it 
reflect more closely market 
forces and management needs. 

The inquiry, set up as part of 
the settlement to last year's 21- 
week Civil Service strikes, re- 
commends a system of four- 
yearly reviews, interspersed 
with more limited annual 
adjustments. 

Set against these reviews, 
assessments would be made on 
such elements as recruitment 
and retention of staff, civil 
servants’ inde.Y<Iinked pensiozis 
and job security. 

Full details of the report 
were disclosed last Thursday in 
the Financial Times. 

The Government is studying 
the report before negotiations 
on it begin with the civil ser- 
vice unions. Privately, the 
Government is broadly favour- 
able. although all Sir Geoffrey 
Howe, Chancellor of the 
Exchequer, would say in a 
parliamentary answer was: 
“ The Government intends to 
discuss the inquiry's recommen- 


dations with the civil service 
unions as soon as both udes 
have had the opportunity to 
consider them fuUy.” 

The main unions will put 
the Megaw report to special 
conferences early in December. 
With one important exception, 
they were critical of its findings. 

Mr Gerry Gillman, general 
secretary of the mid-grade 
Society of Civil and Public 
Servants, saad the proposals 
would result in a “substantial 
and permanent cut’’ in civid 
servants’ relative pay. The 
report was ** Mrs Thatcher’s 
blueprint for a future public 
service pay policy.” 

Mr Tom Sawyer, deputy 


THE GOVERNMENT yesterday 
came under a concerted attack 
from four top union leaders 
over its plans for reducing the 
level of public sector pay settle- 
ments this winter. 

luring a meeting of the 
NatioDai Economic Development 
Council, ministers were warned 
of possible confrontations in the 
electricity, gas and water 
industries. They were told that 
the “climate of hostility” 
created by the Government 
meant that workers would “seek 
to maximise pay rises” 

The TUC's six representatives 


Megaw 


general secretary of the non- 
civil service public sector utiion. 
the National Union of Public 
Employees, said unions woura 
resist attempts to apply the 
Megaw proposals 
Mr Alistair GrahauL general 
secretary of the clerical-grade 
Civil and Public Services Asso- 
ciation. said the report did not 
provide hope of stable indus- 
trial relations in the future. 

Mr John Sheldon, general 
secretary of the lower-grade 
Civil Service Union, smd the 
report was ” a recipe for con- 
tinual industrial rancour.” 
However, the report was 
welcomed by the Institution of 
ProfessioDal Civil Servants, 


arrived for the monthly meet- 
ing of tile council angered by a 
speech made on Tuesday by 
Sir Geoffrey Howe, the Chan- 
cellor, about the Government’s 
wish to reduce the size of pay 
rises. 

But the unions’ outspokeness 
could also have been a tactical 
manouvre aimed at showing 
left-wing opponents of the 
TUC’s participation in the coun- 
cil that tou^ talking takes 
place. 

Mr Len Murray. TUG gen- 
eral secretary, toid ministers 
that tile Government was “ us- 



which believes that its specialist 
-members stand to gain from the 
report's suggestions on differen- 
tials within the service. 

Most of the union will unite in 
their opposition to the Megaw 
finriinp! around the atinority 
report submitted by Mr John 
Chalmers, former general sec- 
retary of the Boilermakers’ 
Society. Mr Chalmers’s proposals 
are broadly in line with the old 
system based strictly on pay 
comparability. 

Mr Chjdmers said yesterday 
that tiie majority report could 
increase the likelihood of strike 
action in the Civil Service, 
Anai^is and Editorial 
Comment, Page 20 


ing” unemph^ent to screw 
down wages, Se^lation to 
screw down the unions and was 
promoting confrontation poli- 
cies." 

Mr Frank Chappie, of the 
Electrical and Plumbing Trades 
Union, said that if trade anions 
were to respond to the Govern 
menfs exhlitations for lower 
pay rises, “ our members would 
desert us.” 

Yet behind the rhetoric, the 
various NEDC parties yesterday 
showed an increasing willing- 
ness to accept each other’s 
points of view. 


Clash on public pay policy 

BY JOHN SJJOrr, INDUSTRIAL EDITOR 


Miners demand investment in pits 


BY lOHN LLOYD. LABOUR EDITOR 
ant NORMAN SIDDALL. the 


new chairman of the National 
Coal Board, yesterday told 
miners’ leaders that the NCB’s 
“ tail " of loss-making pits had 
to be cuL 

He was speaking at the 
annual conference of the 
National Union of Mineworkers 
in Tnrerness. minutes before 
members voted to demand a 
major e.vpansion of investment 
and manpower, backed up by 
the throat of industrial action. 

The conference accepted the 
executive's report on the situa- 
tion in the mining Industry, a 
move which Mr Artiiur Scai> 
giU. the union's president had 
said would commit the miners 
to “direct action” over further 
pit closures. 


However, Mr Scargill shortly 
afterwards reloaded to Mr 
Siddali’s speerii by saying that 
the chairman's claims about loss 
maMng NCB pits proved the 
existence of a closure list. The 
loss making 12 per cent of NCB 
capacity referred to by the 
chairman constituted 30 pits, he 
said. 

Mr Scargill also daimed that 
he had been told at a meeting 
with a senior board official that 
two large pats were marked for 
Immediate closure. Hts refused 
to name them and Mr Siddali 
denied the claim. 

Mr Siddall said after his 
speech that the review pro- 
cedure on the board’s plan to 
stop production at Snowdown 
pit in Kent'-'the flashpoint in 


the looming row over dosures 
— ^would start next week. There 
would be one farther appeal to 
the NUM to join two 
management unions, the 
National Association of Colliery 
Overmen, Deputies and Shot- 
firer’s and the British Associa- 
tion of Colliery Managers, in 
the review. 

Mr Midiael McGahey, the 
union’s vice pre^dent; told I3ie 
conference tiiat defence of jote 
was now the union’s central 
task. The campaign against 
closures must go on, not just to 
force the board to produce a 
list of collieries which It wants 
to close, but to “ensure that 
this union goes into action.” 

The vexed issue of the closure 
list, which Mr Scargill says 


names 30 pits, was not resolved 
in yesterday’s debate or in the 
speech by Mr SiddalL The NCB 
chairman denied the existence 
of the list telling the coiner- 
ence that since the ill-#ated list 
of 23 pits marked for closure 
last year was vritbdravm follow- 
ing brief strike acticm, agreed 
local procedure bad operated. 
That procedure had so far 
dosed 12 of those 23 pits. 

“ Your areas know exactiy 
whidi pits in their coal fields 
are in itifficulty. They know the 
problems, they know the pros- 
pects. There is no m;^tei7 
about It and It is not my inten- 
tion tiiat there dioald ever be 
a mystery about it,” said Hr 
SlddaU. 

Hen and Hatters, Page 20 


Steel study calls for 50% cut 
in capacity of bright bar sector 


Continued from Page 1 

Railways 

It is losing £6ni a day revenue 
and an extra £2lm a day foHow- 
isg the Government's decision 
to withhold the weekly Public 
Service Oblisation. the jrrant 
;:ivcn to BR to help cover 
running expen.scs of uneconomic 
passonser lines. BK has a 
borrowing limit of £150m. 

BR is still in no mood to 
compromise its position in the 
dispute. Mr Rose said “ any 
return to work will be on the 
ba.sis of flexible rosterinc.” 
Today a second batch of the new 
rosters will gn out to 3d depots. 
Some 31 depots received them 
last Monday. 

The possibility* of sacking 
Aslef members who have not 
tiireed up to work will also be 
disi-ussed at today's meeting. 

From available regional 
figures last night there 
appeared to have been a 
marked increase in sen-ices on 
The Eastern Region from 130 
trains on Tuesday to 205 ye9tc^ 
day. On Soutlicrn Region the 
numbers were up from 284 to 
316. London Midland 351 to 391 
and Scotland 6S to 73. Western 
Region remained the quietest 
with only nine trains running. 

A number of Aslef branches 
were again said to be pressing 
for an end to the strike but the 
union said the return to work 
in Bur>- and Bolton on Tuesday 
had ended following the m^e^ 
vention of a union official. 

At a meeting of Aslef pickets 
outside King’s Cross station 
3’csterday. klr Tony Bonn said: 
“ The Government have now 
made it clear that they would 
like to smash .Aslef completely. 
But the union is striking in 
support of a modem railway 
fsjt'slem and they are going to 
wm," 


BY IAN RODGER 

FURTHER contraction of the 
steel industry has been recom- 
mended in a study of the bright 
bar sector for the Department 
of Industry-. 

The study, carried out by Mr 
George Weldon of Touche Ross, 
the management consultant, 
calls for capacity in t'oe sectep' 
to be cut from 875,00 tonnes 
per year to 400.000 tonnes. 

UK demand for bright bars, 
used mainly in the motor and 
general engineering Industries, 
has fallen from 447.000 tonnes 
in 1979 to 314.000 tonnes last 
year. The bright bar business is 
dominated by .private sector 
steel companies, but tiie British 
Steel CorporaLion is also 
involved. 

The turnover of the 10 com- 
panies surveyed by Touche 
Ross fell frtNn £14S.9m in 1979 
to £92.2m in 1981, while a com- 
bined profit of £6ra in 1979 
became a loss of £2.9m last year. 

Mr Weldon said the 10 
accounted for roughly 80 per 
cent of total UK capacity. He 


abuse directed at him by 
Iranian representatives in 
Equador in May. 

But Iran's go-it-alone produc- 
tion and pricing policies con- 
tinue to constitute the biggest 
threat to Opec’s solidarity and 
the maintenance of the $34 
reference price. Tran is con- 
tinuing to sell its crude at 
around $30 a barrel. 

Iran refused to be a party to 


concluded that annual demand 
was unlikely to exceed 400.000 
tonnes before 1990, and recom- 
mended that 475,000 tonnes of 
surplus capacity be destroyed 
or exported to Third World 
countries. 

The report recommends that 
producers agree on a restructur- 
ing programme and use smne of 
the £22m tbe Government has 
made available for closures and 
redundandes in private steel 
companies. The D^ariment of 
Industry said last night it had 
not yet received any proposals 
from bright bar producers. 

Brian Groom. Labour Staff, 
writes: A considerable improve- 
ment in the climare of industrial 
relations at BSC emerged 
yesterday at a mectin-; between 
Mr Ian MacGregor, BSC chair- 
man. and the TUC Steel Com- 
mittee. 

A joint approach to the 
Government was agreed, expres- 
sins concern over the surge in 
third country imports to the 
UK. BSC also agreed to Join 


the production sharing scheme 
agreed in Vienna in March. Sr 
Humberto Calderon Berti. the 
Venezuelan klinister of Mines 
and Energy, suggested that 
Iran’s output could be as much 
as 2.2m b/d compared with tiie 
quota set for it by other 
members of 1.2m b/d. 


the unions in pressing for all 
ships lost in the Falldands to 
be replaced with British-built 
vessels. 

The unions gained the im- 
press^ that Mr MacGregor is 
unwilling to close further plants 
and that if one v/as closed as a 
result of BSC's current review 
of operations, the ultimate 
responsibility would be the 
Government’s. 

Within BSC last night, how- 
ever, it v/as suggested that this 
was unlikely to be the case and 
that Mr MacGregor would not 
shirk taking a decision on com- 
mercial grounds. 

Mr Bill Sirs, general secre- 
tary of the Iron and Steel 
Trades Confederation and 
chairman of the TUC committee, 
said after the meeting; “For 
the first time, we detevted the 
BSC management was willing to 
work -with us and approach the 
Government on a number of 
pressing matters to give the 
steel ladustry a better deal.” 


tbe 13 members to be not less 
tiian 18.2m b/d, up 1.5m b/d 
over the May level. But they 
recognised that June produc- 
tion may have been as high as 
18.7m' b/d, given that Iran and 
Libya failed to submit data. The 
experts attributed the softness 
in the international oil . market 


Economic experts from Opec, since mid-Hay to a sharp in- 
who met here earlier this week, crease in the availability of 
calculated total June output by Opec supplies. 


Opec ministers 


Continued from Page 1 


BMW acts against cut-price UK imports 

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


BMW, the West German cartinental dealers, once very small, 
maker,’ has dealt another blow has reached the stage where the 


to the trade in unofficial cut- 
price car imports from the 
Continent to Britain hy radring 
prices for right-hand-drive cars 
in all markets but the UK. 

BMIV's action follows Ford’s 
decision to supply ri^t-hand- 
drive cars ordered through 
Continental dealers only via its 
import-export centre in London. 
Foiti also increased West 
German prices and in the UK 
lowered those for models popu- 
lar with unofficial importers. 

BMW says demand for British- 
specification cars from its Con- 


company has to take account of 
the extra costs involved and 
reflect them in its prices. Some 
20 per cent of a car’s com* 
ponents have to be changed for 
right-hand-drive versions, it 
says. 

There ars also extra costs 
involved in research and 
development for right-hand- 
drive models, expensive tooling 
for a limited production run of 
ilgbt-hand-drive cars, higher 
prices for righthand-drive 
replacement parts and tiie 
administration of orders for 


special vehicles taken by journey to the Continent . 


Continental dealers, says the 
company. 

The price increases average 
about 3 per cent for the small 
3*series B&fW saloons, but 
Include a 4.S per cent rise for 
the popular 3S3t 

5-series models have gone 
up by about 5 per cent on 
average and the large cars, the 
6-series and 7-series, by more 
than 7 per cent 

Tbe increases leave Con- 
tinental prices below those 
charged the UK but probably 
not "low enough to justify a 
British buyer making the 


BBIWs wholly-owned Brit’isb 
import company says that, once 
a customer paid for export 
licence plates, then spent £250 
to get to the Continent and 
back and paid £60 for the first 
two sendees which would, be 
free if tbe car was bought in 
Britain, the saving on a BMW 
316 bought in West Germany 
would be only £166 on the 
British price of £4,77o, before 
ear tas and VAT. 

The saving on a 323i would 
be £532, For a 525. it would be 
£856. and for a 735, £1,428. 


Israelis 
reject 
proposals 
on PLO 

By David Lenmn in Aviv and 

Our Foreign Staff in London 

THE ISRAELI Cabinet yester- 
day rejected U.S. suggestions 
that the Palestine Liberation 
Organisation should be allowed 
to maintain a political office in 
Beirut and a token military 
presence in Lebanon under the 
command of the Lebanese army. 

Following a lengthy meeting 
in Jerusalem, however, the 
Cabinet accepted President 
Ronald Reagan's offer of UB. 
troops to supervise the evacua- 
tion of Palestinian guerrillas 
from West Beirut 

The -fierce overnight fighting 
on the soi^em outskixts of the 
Lebanese capitaL where some 

6.000 FLO guerrUJas are 
trapped fay Israeli troops, 
eased yesterday. For the first 
time during the conffict, how- 
ever, shells fell on East Beirut 
which is controlled by the 
Christian militias. 

29ie Soviet Embassy in West 
Bei^t was hit in the shriling 
cm^Monday night and several 
boudings wrecked. 

Israel and the PhailangASts 
also ‘ maintained the hlocikade 
on food supplies into West 
Beirut where stories are said to 
be' running low.- 

In Paris. M Claude Cfaeysson, 
the French Foreign Minister, 
said yesterday that the PLO bad 
not yet agre^ to terms for e 
'withtow^ from Beirut but 
was ready to abandon its armed 
struggle against Israel in return 
for politic recog^tion. 

He vms speaking after a 
meeting with Mr Farouk 
Kaddoumt head of tbe PLO's 
political department M Cheys- 
son said: “Their highest rank- 
ing leader ha.s in^cated to us 
that if ^ PLO is recognised 
in its political role, it would 
agree to pass completely from 
an armed phase into a political 
phase.” 

The United Nations agency 
responsible for Palestinian 
refugees said in Vienna yester- 
day <cbat tbe Israeli invasion of 
Lebanon bad resulted In a 
major setback to its work in 
that country. “ We are back to 
where we started 32 years ago 
as on emergency relief organi- 
satiou,” said Mr Olof Rydbeck, 
who heads the UN agency. 

He said the invasion had 
destroyed camps, schools, ware- 
houses and ctinics. leaving 
about 175,000 Palestinian 
refugees out of a repstered 

237.000 in urgent need of aid. 

One camp near the port of 

Sidon was so badly wrecked 
that the 24,000 refugees who 
had honses there were now 
forced to live in the open, he 
claimed. “Tens of thousands 
of people, ' without anythix^, 
are sitting on the ground in 
orange groves,” said Mr 
Rydbeck. 

Defeat for Palestinian symbol, 
Page 3 


VttarlKi y 


UK TODAY 

SUNNY periods, some cloud and 
rain on coasts and in north. 
London, Midland E. Ehi^and 
Mainly dry, sunny periods. 
Max 25C (TTP). 

S.E.. S.W., S. Wales, Ghannel 
Isles, Borders 

Mainly dry. Max 21C (72F>. 
N. Wales, N.W. England 
Mostly cloudy, some rain. Max 
17C (63F). 

Scotland 

Bright periods, riiowers. Max 
• 16C (61F). 

Oatlook: Sunny, ^undery. Rain. 


•WORLDWIDE 




■Tday 



Y'day 



midday 



midday 



■c 

•F 



•C 

•F 

AiBCCiO 

S 

27 

81 

L Angt 

C 

16 

61 

Algiers 

S 

30 

86 

Lirxmbg 

F 

20 

66 

Amadm 

8 

21 

70 

Luxar 

S 

40 

104 

Athens 

s 

29 

8« 

Madrid 

S 

36 

97 

Bntarein 

S 

35 

95 

Majorca 

8 

35 

95 

Bsrcine 

F 

29 

84 

Malaga 

s 

31 

SB 

Beirut 




Malta 

S 

36 

97 

Belfast 

C 

19 

66 

M'Chstf 

F 

19 

66 

Belqrd 

8 

21 

70 

Meibne 

C 

12 

54 

Berlin 

F 

19 

BB 

Mx Ct 




Biarritz 

8 

28 

82 

Miamif 

R 

77 

81 

Bmohin 

C 

20 

88! 

M8an 

e 

as 

as 

Blackpl 

c 

17 

63! 

Mentrit 

8 

23 

73 

Bordx 

s 

33 

81 

Moscow 

F 

28 

79 

Bouign 

c 

17 

6.1 

Munich 

F 

21 

TO 

Bristol 

c 

18 

BC 

NsJrobl 

F 

25 

77 

Rriisaals 

c 

1R 

84 

Naelea 

S 

29 

84 

Rudoai 

c 

23 

73 

nnssau 




Cairn 

s 

35 

P5i 

Nwitirj 

c 

19 

86 

r.urtun 

c 

17 

61 

Vorkt . 

c 

70 

RR 

Cas’b'ra 

s 

23 

73 

N’ca 

8 

21 

70 

fl-'ia T 

F 

1R 

61! 

Nicosia 

s 

27 

81 

Ohicqt 

F 

21 

70 

OoortQ 

c 

18 

94 

ttQloqna 

F 

n 

70 

Oslo 

F 

21 

TO 

Tnnhgn 

F 

18 

PA 

Pnny 

F 

23 

73 

Corfu 

s 

30 

R5 

Parrh 

c 

17 

61 

nenwort 

F 

15 

69 

Praoue 

F 

17 

63 

Hiiblin 

C 

18 

BA 

Rwtivh 

• C 

12 

64 

nnrvnk 

S 

25 

77 

Phodas 

s 

28 

» 

Pdnhgh. 

c 

19 

PB 

5ie J'ot 




Paro 

s 

36 

79 

Roma 

.5 

W 

84 

Roianca 

.8 

33 

91 1 

Rskbra 

C 

30 

68 

Fmair'ft 

s 

23 

73 

R'eiaoof 

c 

13 

55 

Punchsf 




« Mrlts 




f*»nava 

8 

27 

81 

Ripoapr 

F 

32 

SO 

(tibrirr 

S 

28 

87 

5*ti-cot 




i-si’eofw 

e 

17 

ri 

Rrrhhin 

F 

1S 

68 

cVmaev 

c 

17 

91 

Rirsahq 

F 

74 

75 

M»i«liilel 

■F 


68 

5‘'dn(tw 

8 

18 

R1 

H Konq 

R 

77 

PI 

Tanr<icr 

R 

08 

77 

Innshrif 

F 

25 

77 

Tb| Aviv 

R 


RA 

In'imes 

r. 

1R 

R4 


5 

7R 

79 

InMan 

R 

13 

55 

Tnt.w{j 

R 

71 

70 

Istanbul 

R 

78 

75 

T'.'-TOt 

R 

74 

7S 

Jarsev 

C 

17 

81 

T.ioia 

R 

41 

ir<R 

io'**iirn 

P 

17 

R1 

Vvipncia 

<1 

78 

irw 

1. pirns 

s 

M 

75 


R 

«iq 

Ro 

Liabon 

8 

25 

77 

iTjafina 

F 

71 

7f» 

l.aeamo 

R 

33 

91 


0 

18 

R4 

London 

C 

22 

72 

ZuricJi 

s 

24 

76 


c— Cloudy. F-^alr. Fg— H— Half. 
R— 4tain. 5— Sunny. SI— SlaeL 
Si*— S now. T— Thundar. 
t Noon GhfT tempureturaB, 


THE LEX COLUMN 

Hot gossip in 
electricals 


The electricals sector has 
been behaving recently as if it 
were governed by completely 
different rules from the rest 
of the equity market Since last 
Tuesday night, just before deal- 
ings for the new account, the 
FT Electricals Index has risen 

4 per cent' to 1,543. The FT 
All-Sbare Index, meanwhile, is 
roughly unchanged. 

The Falklands fall-out and 
suspicions that the Ministry of 
Defence pocket is deeper than 
at first thought have contri- 
buted to the bullish mood. And, 
at a time when tiie prospects 
of cyclical companies are suffer^ 
ing a set-back, the growth 
characteristics of the electrical 
industry have commanded a 
bigger premium. 

Ferranti and Ressey, two of 
tbe star performers, have pub- 
lished their 1882 accounts this 
-week. The current cost state- 
ments in particular underline 
how tbe sector is profiting from 
the underlying fall in com- 
ponent prices, coupled -with 
rising order books and the cost 
efficiencies of electronics. 

Ferranti has funded a 56 per 
cent increase in current cost 
trading profits 'with a rise of 
only IS per cent in capital 
employed. Plessey’s perforin, 
ance is similarly impressive. 
The result has been a substan- 
tial build-up of cash .resources 
atte st throughout the sector, 
reassuring when many indus- 
trial companies are paying divi- 
dends out of CCA reserves. 

Plessey has taken on board a 
recommendation from the Ai^ 
counting Standards Committee 
and published a five-year record 
of CCA figures deflated by the 
RPL It shows that dividend par 
share have broadly marked time 
over the period, while earnings 
before extraord^ry items have 
risen almost four-fold. 

But the accounts also hi^ 
light distinctions between the 
companies which may not be 
fully recognised in the market. 
Plessey’s real returns on capital 
are considerably above those of 
Ferranti, while trading profits 
per employee are higher by 75 
per cent Ferranti has not yet 
undertaken the rationalisation 
of production facilities and 
costs which Plessey has achieved 
over tbe past five years. 

Proportionately, .Ferranti 
stands to gain more firom an 
uplift in defence spending than 
Plessey and there is oo short- 
age of bid talk arouxHi the mar- 
ket. Yesterday, GEC was busy 
stonewailing suggestions that, it 
had built up a stake of almost 

5 per cent. Bnt, having said 
that, thre seems little reason 
for Ferranti’s equity to stand on 
as high an earning multiple as 


Index rose 1.2 to 555.2 



Plessey, when its dividend yield 
is a full percentage point lower. 

Bids fur Ferranti would need 
to start around the £400m mark 
and, with foreigners out of the 
running for strategic reasons., 
the list of potential customers is 
small. GEC must have at lean 
one of its hands full with ASG 
at the moment, and, given its 
welHmown reluctance to pay 
fancy multiple, is > mpre Ukly 
to emerge in a spoiling role a 
la Decca. Plessey itself has the 
resources but, as 4he atertive 
negotiations over Strombers- 
CarUon'-chowed, its real :aspira- 
tions lie in the U.S. - ' 

Interest rates 

The rilt-edged market is a 
much more complicated place 
than it used tii be. It is no 
longer enough to have a pal in 
the discount ma^t and a good 
te<duiiqiie when a tap price cut 
is in the offing. Yestmday, for 
example, the dollar was sorgitis 
to new high levels against tbe 
ctmtinentai currencies. »hile 
steriing was as . low as' $I.7(H 
at one stage. Yet^lba Bank of 
England 'was going alsTar as it 
dared in ioweiing interest rates 
in Londouh-at present the Unrits 
lOf official recklessnes strebrit 
to reductions of one rixteenth 
of a point a day- No wonder 
bond prices just drifted, unsnre 
of what to make of It aH. . 

TTie mometary aggregates are 
sati^actory enou£^. .at tbe 
rooment->-but despite that; they, 
do not seem to be receiving 
overwhehiung official attention. 
The medinm-term financial 
strategy is still de^ in its two- 
year cmna; otherwise what on 
earth can the Chancellor mean 
by talking about zero wages 
growth nvnen steiiting M3 is 


allowed to grow by 12 per cent 
per annum ? The Bonk of 
England bulletin does not even 
make the ritual noises about 
interest rates beiag detenhlned 
l» the markets; they are set 
by the seat of top people’s pants. 
And tbere most now be senous 
worry about tbe ftatness of tbe 
cconoiny. which has not ‘even 
begun to respond to tbe Bank’s- 
very accommodating moue^ty ' 
approach of tbe last few months. = 

So the bond market n^ 
begin to come to terms witii 
the idea of some sort of fiscal 
stimujos. combined with, the' 
euirent modest attempt to push- 
interest rates lower. The 
trouble is that the authorities 
cannot make a remotely reason-' 
able estimate of bow sterUng 
might reqmnd to a stntchuie 
built around bank base rate of,* 
say, 11 per cent. It might hardly 
move, or it might go fbr a 
buiton< Already since 'Jaattary- 
3-montb Eurodollar rates have 
risen by 2f points while sterliog 
interbank of tbe same maturity 
is down by 2} points-^ pednt ‘ 
swing in- favour of fluids '-in 
New York. 

It is not even certain that 
steriing’s problems witi end 
when dollar interest rates fall. 
On last year’s experienw, the 
pound held- in eqnilibrium 
between the dollar and the D- 
mark bloc while dollar rates 
were high; and when they caibne, 
down, it w^ to the bottom of. 
the j^e.. ' ^tes .went .up in . 
London last September because , 
sterling was weak against tbe 
D-mark. 

Heniy Ansbacher 

Vulgar affrays like the' 
squabble - over current cost 
accounting- no longer trouble 
the ^inent flnancieES at Henry 
AnsbadieTj which has just 
celebrated, its. membership of 
the exclusive group of banks- 
authorised to publish accounts 
consisting of fictitious numbers. 
For the year to March- 1981 
Ansbacher brought out pep- 
fectiy sen^bie figures, including 
CCA accounts' and a fundsr state- 
ment. but cow its-1982 accounts 
are drawn up under the almost 
contemptuous Baring conven- 
tion, under which a bank 
announces just enough earnings 
to cover its dividend, exactly. 

The publfeation of a parent 
company balance 8heet--utter1y 
unhelpful to tiie user of 
accounts*^ enough to gef tiie 
words “true and fair” into the 
audit . report. Ansbacher’s 
behaviour is all the sadder since 
it has. juri more than doubled 
its capital and become an 
attogetiier more interesting 
company. 



INTERNfmONZUi 
TIMBER: 

Pre-tax Profits doubled- 

Well placed for an xndustry recovery 

Financial Highlights 


Sdes 

Txadingpn^. 


Fzofit before taxation 

Ordinary capital &reserves. 


Tearmided 

SlstMazcR 

1982 

£*000 

131,639 

4,067 

2,464 

22,860 


Yearendod, 

28tbMibrii- 

1981: 

sooo 

188,828: 

8,933: 

U14 

20,327 


Results 

The7eerwasadif5cultons.Itcovm»dasecaad- 
succestive year of eriremely harsh, trading 
conditioD& 

^nie second ^ months -were savagedby the 
excessive -winter conditions. Despite sales 
alightiy lower; results matched our expectation^ 
paitiy due to the impiovemeat in trading whic^ . 
began in the last iew-weels of tte finan^yeac 

The GroiqD^manufficturingactivitiescoQtiQued 
to suffer from shortage of business to inatch capacity 
Amongst the trading cmipanies the larger units 
generally continued'to find the going ^fficuitbuta 
number of the smaller couipames produced 

satisfactory r esults. 

More than athird of sales in.the UK are now . 
through the network of Jewson branches supplying 
timber and lauUding materiais. 

The need for economy in zhanpower has 
resulted in a reduction in the numb^ employed in 
the U.K. of I0«-to 3,000. .. 

Capital e^^nditure, -which amounted tojust 
over £3 imllion, generally has been listited to 
necftsaty 

Balance Sheet . 

Sales of surpliH pinpeities have contimied 
providing some profit and cash flene fixed Assets 
aielittiechanged.Interesicbaxgeswerezeduce(l • 
by more than one thud to £2.2 EEBllm 


Total borrowing as a proportion cf 
Shareholder^ equity has been maintained at'229S« 

, This strengtheite will be of gr^t value as the 
tradingdunateimprovesandgreateruseoCffiiancsaL * 
- resources can be profitably mada, 

Futiue Prospects 

The omistrncdon industry in the past two years « 
Tiftv suffered a ledariion in activity o£5% followed by ^ 
1396. The r^uction in houang -ygas ovon g y^***r — 

1996 ibllowed by 2296. The bottom appears to have • 
been leadhed Expectations are for ^2 to stabilise ’ 
atpxesentlevels overall, -withsimnarzemaiks 

ap pl^g to the ^pair. Maintenance and 
. ^piovement sKtor,.but -with housing 
improving. Signs, although ^^t at presenCiodicate 
amodexateimprovenmntahe^Tni^axecertaihly 
.some favourable factors. 

! cannot ddbettez than quoteftozn my Slalea^t ! 

la^year: "in the lon^r term a aibstwhal 
prograinme of building of all kinds is required, 
parhculaily private house building, to make up ibr 

me long periodduring whkA capj^ devRin piqq pfr . 

has be^ held back. .to demandiDcreaseavrBqie 
well placed to meet the chafieoge and ready to 
service aU the developing zeguiiements of the 

firfiTm?* 

We believe we maybe on file verge (ff fills 
zecbveiy 


hite rn atianal Tknber arid its sabadianes are engaged princ^aBy the 

distribution of wood and wood panel products, distribution of an b nfiriTng 


and tbiough branch ontlem m trade and retafl consimier^ 


R«pn4v«tiQn el tbs el this nmpapet In iny msnnw.is hot ssraihlsd withqut enereenMstjbl thi 

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